There are a number of things to consider when you're buying a home. Where do you want to live? Do you want to live in the suburbs? This can obviously affect your commute. Is this a neighborhood where you want to live? Don't forget to consider the investment value of where you want to live. Make sure the area has seen consistent price appreciation.
I addition, there's the question of what type of home should you buy. This will depend on your lifestyle, but be sure you are buying the right type of home, in the right area, based on investment value. After all, buying a home is also an investment.
Some say that newer homes are better investments. After all, they're brand new, everything is sparkling. They have current architectural styles. The new neighborhood amenities (such as, pool, recreation centers and shopping) make the neighborhood very convenient. Plus, you've probably heard that most new homes appreciate faster.
However, from an investment standpoint, pre existing homes can offer just as much, in some cases even more opportunity for appreciation. Older homes are generally closer to the city, which means convenient areas. Then many older homes actually have better quality construction than today's newer homes. On older homes you may find slate roofs, copper gutters, chimney flashing and hardwood floors. Finally, older neighborhoods are established, which means, "what you see is usually what you get."
But, older home may not have the newest style. The kitchens and bathrooms could be outdated. Finally, newer homes are usually maintenance-free, while you may have repair bills with older homes. Newer homes have downsides too, including the possibility of poor workmanship, poor location or unsettled.
Your real estate professional can help you make the best decision. Both older and newer homes have advantages and disadvantages, but both can be excellent investments.
Should I buy a single-family home, condo or town home? The answer to this question depends upon your lifestyle and each type of home has different investment potential. If you have a growing family, then avoid a condo. If your family is small, you may not need the space of single-family home. A condo may offer you a better fit..
Consider that the largest percentage of buyers end up buying a single-family homes. Most families have children and a lot of things to store, so they want single-family homes with more space. Therefore, single-family homes are often easiest to resell and have higher price appreciation potential. Town homes and condominiums also can offer excellent investment opportunities. Make sure you buy one in an area that is likely to see price appreciation. Real estate is about location. Your real estate agent can help you with this evaluation.
Please remember, you can contact me any time for advice at my website BruceSwedal.com.
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