Even when it’s in a state of fluctuation, real estate has proven to be a great way for people to establish a stake in something lucrative while enjoying a place to call their very own at the same time. Whether they fully realize it or not, future homeowners are about to make an investment that has the potential to benefit them tremendously in the long run. Buyers should continue their pursuit for the dream home that will fulfill all their desires on a day-to-day comfort level, but also keep considerations about what will affect the value of the property at the forefront of their final decision. There’s no better time to start thinking about the resale value of a home than during your buying search.
Location
Location will almost always be at the very top of a list of factors that can threaten or enhance a home’s worth in a big way. Elements such as being in close proximity to public transportation, shopping choices and good schools will increase desirability, while homes far from the convenience of daily activities or near poor quality schools will have the adverse effect. You must also watch out for less than appealing conditions that are adjacent or anywhere close enough to a home to make it an unattractive choice. These include landfills, power plants, railroad tracks, freeways and construction sites.
Neighborhood
It’s somewhat unfortunate how much impact the environment surrounding your home can affect how possible buyers will see it, even if yours is the nicest one around. Rowdy neighbors or those with disorderly or neglected yards and homes who have exteriors that are eyesores show the neighborhood in a negative light. A history of crime or living near registered sex offenders doesn’t exactly put buyers at ease. That big, beautiful home you chose or had built even though all the ones around it are much smaller can actually make it stick out like a sore thumb and decrease its attraction.
Foreclosures
Having a foreclosure in the neighborhood can also diminish real estate value in nearby homes. Although some are handled quietly with no one being the wiser, others can be boarded up with obnoxious signs posted announcing to everyone of its unlucky situation. This can cause buyers to hesitate because foreclosed homes are often left in a deteriorated state, and they don’t usually want to be stuck with huge repair expenses. This reflects poorly on neighboring properties and often lowers resale value for everyone.
Renovations/Features
Many homeowners mistakenly believe that any and all renovations will positively boost the appeal of their home and make it worth more, but this isn’t always the case. Home improvements are only valuable to those who care about the particular features or additions. While a swimming pool may be enticing to one buyer, it might be a major drawback to another because of safety and upkeep. The absence of a garage and outdated kitchens and bathrooms may also cause some to turn away.
When making such an important decision as buying real estate, be smart enough about it to make certain you are looking at the long term investment and not just the initial thrill of purchasing a home. In the case that one day you just might want or need to sell, you should make sure you’ve set yourself up to gain, and not lose.
About the Author
Tiffany Olson resides in Northern California and has a passion for sharing helpful information with the public via social media and guest blogging. When she’s not researching or writing, some of her favorite things are cooking, reading and traveling.