The goal of virtually every buyer out there is to buy a home that will increase in value. Nobody wants a house that turns out to be a money pit. How can you ensure that the home will increase in value? Here are a few things to look for that will ensure that your home purchase is a good solid investment.
Location
Anyone in the real estate industry will tell you the 3 most important things in real estate are location, location, location. If you want your home to appreciate in value, you have to think about the neighbourhood you’re choosing. You can choose many things about a home but location just isn’t one of them. Also be weary of numerous for sale signs in the area. Multiple houses for sale within a small area is usually a clear sign that you should consider looking elsewhere.
Size
The average square footage of a home has risen from less than 1,000 sq ft in 1950 to nearly 2,600 in 2013. Bigger isn’t always better. It’s better to be the smallest home on the block because then you leave yourself more room to build equity. Buy the least expensive house in the best neighbourhood you can afford will ensure an increase in value.
Exterior
Most people know that curb appeal is important when selling a home but what if the sellers overlooked that key piece of info. As a buyer, don’t overlook the house that may be hiding behind overgrown hedges. If you’re willing to do the work yourself, you may just find a great deal that has been hiding.
Interior
You may be drawn to a home that’s been nicely upgraded but don’t run from one that is outdated. As long as the bones of a house are good, consider buying one that needs cosmetic work done to give a home an instant lift in value.
Condition
Always get a home inspection to asses a home’s condition. To avoid regretting your purchase always make sure you have a home inspection prior to completing the sale to ensure that the structure and the mechanical of the home are in great shape and won’t eat up any profit you might make.
Price
Look for an expert negotiator to make the smartest home purchase. Hiring an agent, like myself, who will put your best interests first is a valuable one. Purchasing a home that’s undervalue and that essentially increase in value when you take possession is one of the best ways to ensure that your home’s value will increase.
Contact me today to ensure that you have a great REALTOR® working for you and ensuring that your investment is a smart one.