Investing in a house that will have good resale value
Well, you are buying a house, congratulations! But before making the purchase, read these helpful tips first.
Home and shelter is the number one priority for everyone. Everyone must have a roof over their head whether to rent or to own. When you own a house, the house is not only served as a shelter, it is also served as a vehicle for you to build wealth or equity. Having said that, you should pay attention to the following tips to making sure that the house that you are going to buy will have a good resale value.
How to choose a house that has good resale value?
LOCATION
The most important thing in real estate is location. It is the most important element in real estate because land is heterogeneous and it is permanently fixed in one place. You cannot move your house to another location if it is in a bad location. Since location is an element that is beyond your reach for change, it is the most important element to consider. The rule of thumb for determining a good location is to choose a location that is integrating and flourishing, such as an area that is moving in the forward direction. Look for location that is situated in an area that has structured economic development, transportation, infrastructure, and local government. One of the examples would be a house in a suburban area that is moving toward becoming a major city with a lot of economic activities going on. To look around an area, you can enter an address on zillow.com to get the aerial view of the property that you are interested and survey the surrounding environment. Besides, you can also do some research in the library or go to the local Chamber of Commerce to get information about a city or log on to the city's web site. At all costs, avoid airport, rail road, and heavy industrial area that constantly produce noise and air pollutants.
SCHOOL DISTRICT
The next thing is the local school district of your home. When buying a house, try to do some research on the local school district and find out the school performance ranking and public review of the school system there. Whether or not you have a family, you should consider the quality of the school system in the district where you want to live because an excellent school district will guarantee excellent resale value since there are always a lot of buyers seeking to buy a home in an excellent school district for their kids to have the opportunity to go to excellent schools.
NEIGHBORHOOD AND CRIME RATE
Look for a safe and well organized housing community. Your home should be in a safe and well maintained neighborhood to make it marketable for high resale value. New housing developments usually have Homeowners Associations established for taking care of the community; they enforce the covenants of their community, and also ensure that proper maintenance, care and order are in place to maintain their property values. At all costs, avoid run down neighborhood or a neighborhood that is going downhill. Go to the local police station to find out the crime rate in your area.
HOME STRUCTURE AND APPEAL
The home itself has to be pleasant in and out. A pleasant home should be well designed, constructed and maintained. If there is something that will turn you off in the house, walk away because your buyers will probably have the same kind of negative feeling of the house when it comes the time to sell it. Remember that no deal is better than a bad deal. There are always plenty of houses on the market for you to choose from.
Finally, buying a house that will have a good resale value is the key to building wealth in real estate and it would be a nightmare for anyone to move into a house and then later on regret it if the above elements were not considered before buying the house.
Emi also writes for www.findmyroof.com, a web site that provides free nationwide real estate listing service.
Home and shelter is the number one priority for everyone. Everyone must have a roof over their head whether to rent or to own. When you own a house, the house is not only served as a shelter, it is also served as a vehicle for you to build wealth or equity. Having said that, you should pay attention to the following tips to making sure that the house that you are going to buy will have a good resale value.
How to choose a house that has good resale value?
LOCATION
The most important thing in real estate is location. It is the most important element in real estate because land is heterogeneous and it is permanently fixed in one place. You cannot move your house to another location if it is in a bad location. Since location is an element that is beyond your reach for change, it is the most important element to consider. The rule of thumb for determining a good location is to choose a location that is integrating and flourishing, such as an area that is moving in the forward direction. Look for location that is situated in an area that has structured economic development, transportation, infrastructure, and local government. One of the examples would be a house in a suburban area that is moving toward becoming a major city with a lot of economic activities going on. To look around an area, you can enter an address on zillow.com to get the aerial view of the property that you are interested and survey the surrounding environment. Besides, you can also do some research in the library or go to the local Chamber of Commerce to get information about a city or log on to the city's web site. At all costs, avoid airport, rail road, and heavy industrial area that constantly produce noise and air pollutants.
SCHOOL DISTRICT
The next thing is the local school district of your home. When buying a house, try to do some research on the local school district and find out the school performance ranking and public review of the school system there. Whether or not you have a family, you should consider the quality of the school system in the district where you want to live because an excellent school district will guarantee excellent resale value since there are always a lot of buyers seeking to buy a home in an excellent school district for their kids to have the opportunity to go to excellent schools.
NEIGHBORHOOD AND CRIME RATE
Look for a safe and well organized housing community. Your home should be in a safe and well maintained neighborhood to make it marketable for high resale value. New housing developments usually have Homeowners Associations established for taking care of the community; they enforce the covenants of their community, and also ensure that proper maintenance, care and order are in place to maintain their property values. At all costs, avoid run down neighborhood or a neighborhood that is going downhill. Go to the local police station to find out the crime rate in your area.
HOME STRUCTURE AND APPEAL
The home itself has to be pleasant in and out. A pleasant home should be well designed, constructed and maintained. If there is something that will turn you off in the house, walk away because your buyers will probably have the same kind of negative feeling of the house when it comes the time to sell it. Remember that no deal is better than a bad deal. There are always plenty of houses on the market for you to choose from.
Finally, buying a house that will have a good resale value is the key to building wealth in real estate and it would be a nightmare for anyone to move into a house and then later on regret it if the above elements were not considered before buying the house.
Emi also writes for www.findmyroof.com, a web site that provides free nationwide real estate listing service.
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Source: http://www.articlealley.com/article_111280_33.html
Source: http://www.articlealley.com/article_111280_33.html
Labels: Home selling, investment
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