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 new found knowledge into practice and find the perfect home to invest in your future! Contact Texas Homes and Loans to get an 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!
Carlos Salinas
Real Estate Magician
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