Most people don’t have a lot of requirements for finding a good home. They want a nice place, with the amenities and the space that they need, for a price they can afford. Ideally, this place will be reasonably located near work, or shopping, or other popular destinations.
Buying a home is an investment. If you invest wisely, you get a good return on investment, because your home will appreciate in value. The more your home value appreciates, the more you earn on your investment if you ever sell your home, and the more flexible you can be in terms of getting home equity loans and refinancing. So how can you get the best home for maximum profit?
1. Buy a home near planned amenities.
Anyone can buy a home near shopping, and pay a high price because it’s a desirable location. However, if you keep an eye out for planned amenities, by searching for areas on the verge of development, you can realize a huge profit between buying the home and selling a few years later when the development is complete.
Before development occurs, home prices are typically affordable and even inexpensive. After development begins, though, prices increase. When an area is fully developed, property values can soar. The key is to get a home near planned amenities, but not too near – no-one wants to live next to a parking lot, but five minutes away can be a great location.
2. Find a home with easy access to highways or interstates.
Many people commute between 30-90 minutes every day between home and work. Living in the city isn’t always a desirable option; especially for families raising children; so many people choose to live in the suburbs and commute back and forth to work. If you find a home with easy access to highways or interstates, your property values will be higher than if the home is in the middle of nowhere, and people have to drive 40 minutes to the highway.
You’ll realize even more of a profit if you can buy a home near a planned highway, but not too near; property values will go up when highway access arrives, but if you can get a home near a planned highway, you can be the one to realize those profits. Again, avoid being too near the highway; 5-10 minutes is an optimal drive, while bordering a highway directly can actually cause a drop in your property values.
3. Shop for a well-maintained home in a well-maintained neighborhood.
When you’re looking for a good home to retain resale value and realize a profit if you sale, you need to find a well-maintained home in a well-maintained neighborhood. Property values are dependent upon homes being well-cared-for, with modern amenities and a well-maintained structure and lot.
However, if you have an immaculate house surrounded by a bunch of slobs, your property values may actually decline because the neighborhood is in poor repair. Look for a well-maintained property in a well-maintained neighborhood to maximize your investment.
4. Look out for busy streets.
While being near transportation is valuable, being located directly on a busy street can actually hurt your property values and resale possibilities of your home. People with children or pets are less likely to buy homes directly on busy streets. Even people who value peace and quiet, or don’t want to have to fight to pull out of the driveway, avoid buying on busy streets. Therefore, if you want to maximize your resale possibilities – avoid busy streets.
One very real downside of living in a busy street is the potential for development. If a developer decides your location is desirable for a store or shop, it might buy out your neighbors. If you refuse to sell, you could end up living next to a convenience store; a proposition which could hurt your property values even further. You could also fall victim to a road expansion eating away at your lot size. Avoid buying homes directly on busy roads to avoid a potential decline in property values.
5. Consider the ready availability of homes in the area.
If you want to buy a home and maximize your profits, avoid buying in an area that is undergoing heavy residential development. The ready availability of homes in the area can actually hurt property values; especially for existing homes; due to the simple laws of supply and demand.
If a home buyer could buy a new home for the same price or less than an existing home, many home buyers would opt for the new home. Avoid buying in an area that is undergoing heavy residential development, unless commercial development is also likely to occur and render the location more desirable.
Put your newfound knowledge into practice and find the perfect home to invest in your future! Let us help you grab the opportunity to get not only your dream home, but a home that could provide for your kids’ college educations, the upgrades you want to make to the home in ten years or even your retirement!
We find great deals all over North America.
Let us help you find your next great deal.
Develop a Plan to Buy Your Dream Home
No matter which way you look at it, buying a home costs money. Many people have trouble saving cash for a variety of reasons, and may not be able to come up with the money needed to buy a home for a long time.
The Recession is Over - Buy Your New Home Now!
While the effects haven’t yet trickled down to the average American, economists say that the recession is officially over. Spending is up again, Wall Street has stabilized and all economic indicators point to an end to the recession.
Buy Your New Home Now Before Prices Go Up
While grim economic news has been at the forefront of everyone’s mind for the past several months, economic indicators seem to show that the economy is improving. Retail sales in March weren’t as slow as economists had predicted. Job losses are slowing. Some retail chains are even ramping up for expansion again.
