If you have been considering purchasing a home, but you aren't sure if you want to buy a starter home or your forever home, there are some things that you have to take into consideration. You want to be prepared to make the best financial investment, and at the same time you want to be within budget. Living in a house is more enjoyable when you aren't living paycheck to paycheck and when you are able to make the changes or do upgrades that are needed. Here are some things to talk with a real estate agent about.
Hot Price Range in the Area
Look at residential properties for sale in the area. If there is a price range in the area that houses sell the most quickly in, that is your target price range. You want a house that you can easily sell if you need to, especially if you aren't sure if this will be your forever house. Getting a house in the best price range allows you to get rid of the property if you lose your job or can't make the payment, or if you have to sell to get a different house.
Homes with Upgrades and Investment Potential
A home that you can buy, make upgrades and changes to, and increase the value of is a worthwhile investment. If you aren't buying a home that is brand-new construction, personalizing the home and making the changes can be a way to increase its value, along with replacing items like appliances and some structural materials.
Although it's impossible to determine the real estate market, there are some things that will increase the likelihood of your property retaining its value, like the following:
- Close proximity to shopping and restaurants
- In a good school district
- Low crime rates
- New construction in the area
These are just some of the things to talk with your real estate agent about when targeting the location of the home you want to buy.
There are a lot of things that can be difficult to navigate when you are a first-time home buyer and when you are ready to make the commitment to buying your first home. You want to be smart to make sure that the investment you are making is a good one, and you want to find the type of property you can profit off of later on down the road if you have to sell.