Buying a home, for most people, is one of the largest investments they will make in their lifetime. So it only stands to reason that you choose a home that is going to give you a good return on your investment when it’s time for you to move into another home. A home that’s more suited to your growing family or changing lifestyle. By the time you are finished reading this article, you will have a good idea of what to look for in a home and neighborhood. Things that indicate you have found a home that will increase in value.
1. Smaller and mid priced homes generally have a better resale value than large homes.
2. Location, location, location. How many times have you heard that? Probably because it’s true. Buy a home in a location that is convenient to major thoroughfares, necessities and conveniences. Important things such as easy access to a highway, a popular grocery store, gas stations, childcare, banks, dry cleaners and plenty of watering holes where people like to hang out.
3. A good school district is another huge deciding factor for many people.
4. Research the area and neighborhood crime. A safe environment is very important. Talk with the police and some of the people in the neighborhood to see if they like living there and feel safe.
5. The house must have a good, workable floorplan. One that’s not choppy and claustrophobic. A floorplan that will easily fit most reasonable furniture. A house that’s not dark and has lots of sunlight is also important.
6. Try to find a home with a minimum of three bedrooms and at least two full bathrooms. Homes that are smaller than that generally don’t resell as well, depending on where you live and if the other homes in that neighborhood are all similar in size and layout.
7. How are the amenities? Everyone wants amenities. Does it have lots of cabinet space, big closets, plenty of storage, etc?
8. Most people prefer a home with at least a two car garage.
9. How high are the property taxes for that neighborhood? Try to find a neighborhood with the lowest possible property taxes. The higher the property tax, the higher the mortgage payments will be.
10. Is the neighborhood in decline? Look closely and talk to your realtor for advice. The neighborhood may look ok but there may be some subtle indications that it’s in a slow decline. You want to buy a home that is in an up and coming neighborhood, otherwise you will lose money when it comes time to sell.
Let your realtor know what your needs are and what type of area and neighborhood you would like to live. Your realtor has the experience it takes to recognize a good neighborhood from a declining neighborhood and will guide you in the right direction.