Dreaming about that expensive, dream home, in your dream neighborhood? Maybe you are scrolling through the real estate listings, salivating over photos and mentally furnishing the different rooms. Maybe you’ve even driven through the neighborhood, or walked down its streets. Maybe you’ve attended a few open houses… and you are still waiting on your dream home..
But here’s the thing….
Sometimes that perfect dream house isn’t the best investment!
Here’s what I know about houses…
Its where we live, play and enjoy family time, but buying a home is also a substantial investment. For most of us, buying a house is the biggest financial investment we’ll ever make.
And while we want to indulge in all the fuzzy feelings about the idea of our dream home, it’s still really important to consider resale value.
Here are 3 good things to consider before you buy that dream house in your dream neighborhood…
1. Buyers Want Mid-Range Homes
Many people are happy to opt for a lower-priced home in their ideal neighborhood, and that makes mid-range homes more in-demand. Per the laws of supply and demand, when demand goes up, the price follows.
If you look, you’ll find that mid-range homes most often bring in a higher price per square foot, than bigger homes in the same neighborhood. This is a really important resale factor to consider.
2. Your Home Value Is Set By Your Neighbors Home
Even if you have the least expensive home in the neighborhood, the more expensive homes around yours will actually drive your home value up.
But if you have the most expensive house? Those other, less expensive homes will drive your home value down.
Buying a mid-range home may actually realise a higher percentage of profit, when you sell down the road!
3. Your Home Will Be Harder To Sell In Tough Times
The real estate market is cyclical, and if the market shifts, which it usually does, you may be stuck at the top of the market in your area, when you need or want to sell.
In tough markets, buyers tend to opt for more modest homes, in the hopes of getting a better deal.
Call To Action
If you’re thinking of buying a home, I can show you what characteristics to look for, in order to help you get the maximum resale value, if you decide to sell down the road.
Or, if you’re thinking of selling, I can help you determine the current value of your home by giving you a complementary market analysis.
Either way, I’ve got you covered! Just send me a message! No pressure, no sales tactics, just the help and guidance that you need.