Your Home Is an Investment. Keep These Tips In Mind
If you’re in the market for a home, it’s likely your priorities are choosing a home that is a good fit for your lifestyle: Will it fit your growing family? Is it a community with access to the activities, schools and establishments you want in your everyday life? Do you feel comfortable with the neighborhood and its surroundings?
These things should definitely be top of mind when purchasing a home, but there are other considerations to add to your list when it comes to the long-term value of a home. Here are just a few to keep in mind.
Consider Future Homeowner Needs
You may not have children or a local commute to worry about, but future homeowners might. Homes near good schools and public transportation are always in high demand. So are homes that have two or more bedrooms, as are homes in neighborhoods with a safe reputation.
Significant Local Landmarks or Attractions
When you’re in the market for a new home purchase, it’s good to start by considering what the local neighborhood and landscape have to offer. Is there a lot of new construction popping up in the area? What are the locals talking about in the neighborhood? Buying in a larger metro area can sometimes be challenging if you don’t know what different streets, blocks, and areas are offering renters. With the right due diligence, you can make a smart decision that will allow your investment to grow over time.
Consider Repairs and Remodeling
Homes with attractive attributes and features can often command a higher rent than the local average fair market value. If you buy a house with dated architectural features—especially compared to surrounding homes—keep in mind that you may need to put some money into renovating if you want the resale value to rise with the years.
A Homeowner Association—For Better or Worse
Homeowner associations are perceived differently depending on the potential buyer. On one hand, tidy yards and an invested community keep neighborhoods visually appealing, and many appreciate what this can mean for property values as a whole. But future buyers may not be interested in paying HOA fees, or may want more freedom than they believe an HOA can provide. While this may not be a make or break decision, it’s worth keeping in mind when considering your overall investment.
Ask Your Real Estate Professional Questions
Trusted real estate professionals can be a valuable resource for a neighborhood and local trends in the market. Observe the neighborhood you want to buy in and ask them questions about what you see. In the end, this expert advice can help you make the well-informed decisions for a happy home that increases in value over the years.
When you find the right investment for you, let us help make it your home. Reach out to one of our Open Mortgage pros today.