Today, buying a home is as much a financial investment as it is a practical or functional one. With the ever-changing, fast-paced modern lifestyle, buying a home is more complicated than it once was. To make a good real estate purchase, you should consider more than just the immediate needs or wants of yourself and your family; it's no longer just about the floor plan, the square footage, or the color of the bedroom walls.
Buying a home today is a lot like purchasing stock. Your goal is not just to purchase a home that fulfills your needs or wants for the moment, but one whose market value will increase as time goes on. Though many people don't realize it, a home is often one of the greatest financial assets a family can own. Taking advantage of home equity through refinancing or selling your house can provide you with money that you never thought you had. Such things are only possible, however, if you make a purchase which maximizes your home's resale value.
Three Things to Look For in Resale Value
1. What you pay now vs. What you can get later. Not all bells and whistles increase a home's resale value. A gorgeous view, a beautifully landscaped lawn, a swimming pool - while these are all things which may make a home valuable to you at the moment, they may not necessarily help you sell the house later on. If you pay a high price for extras, you may find yourself having to lose money to attract buyers years down the road.
2. Location, location, and neighbors. The real estate adage "location, location, location," is more than a little applicable here. The immediate surroundings of a piece of property have a very large impact on its eventual resale value. Buying an extremely valuable piece of property may be a bad investment if it is surrounded by properties which are much lower in quality, as they will drag your property values down with them.
3. Look for constant popularity. Some things are - and probably always will be - attractive to homebuyers. These are the type of investments you want to make. Buying a house with at least a two-car garage, multiple bathrooms, and 3-5 bedrooms is usually a good idea; any money you spend on getting these features will most likely come back to you in the end.
Recent events in the real estate market have made many homeowners and homebuyers skittish. However, with some good research and good help, buying a home can still be a worthwhile, satisfying, and even profitable investment.
Buying a home today is a lot like purchasing stock. Your goal is not just to purchase a home that fulfills your needs or wants for the moment, but one whose market value will increase as time goes on. Though many people don't realize it, a home is often one of the greatest financial assets a family can own. Taking advantage of home equity through refinancing or selling your house can provide you with money that you never thought you had. Such things are only possible, however, if you make a purchase which maximizes your home's resale value.
Three Things to Look For in Resale Value
1. What you pay now vs. What you can get later. Not all bells and whistles increase a home's resale value. A gorgeous view, a beautifully landscaped lawn, a swimming pool - while these are all things which may make a home valuable to you at the moment, they may not necessarily help you sell the house later on. If you pay a high price for extras, you may find yourself having to lose money to attract buyers years down the road.
2. Location, location, and neighbors. The real estate adage "location, location, location," is more than a little applicable here. The immediate surroundings of a piece of property have a very large impact on its eventual resale value. Buying an extremely valuable piece of property may be a bad investment if it is surrounded by properties which are much lower in quality, as they will drag your property values down with them.
3. Look for constant popularity. Some things are - and probably always will be - attractive to homebuyers. These are the type of investments you want to make. Buying a house with at least a two-car garage, multiple bathrooms, and 3-5 bedrooms is usually a good idea; any money you spend on getting these features will most likely come back to you in the end.
Recent events in the real estate market have made many homeowners and homebuyers skittish. However, with some good research and good help, buying a home can still be a worthwhile, satisfying, and even profitable investment.
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