Is location as important as it was in the past? Location has always been an important factor when buying a home. We have all heard the famous quote "location, location, location". Although it continues to be an important factor when buying a home, Realtors are starting to see the rise of a new generation and type of buyers. Buyers today believe in research prior to meeting with their Realtors, and an interesting twist: Buyers today are putting location in the back seat to value. Don't be surprised if that quote mentioned before, evolves from "location, location, location" into "value, value,value" This generation of buyers (and sellers) have lived to witness one of the worst market crashes in history. Slowly but surely our market is improving and buyers are making wiser choices when purchasing a home, looking to find what is now on top of the priority list: Value!
Here are some tips that will help a Buyer when deciding on a home:
1.- Think about your purpose.
Are you looking to buy a home to live in for the long haul? Are you searching for a home to raise your kids in? Are you looking for a home to rent out? Are you looking for a home to flip and turn around and sell? Purpose is important because it changes the way you should search for that ideal home.
2.- How Long will you be staying in the home you plan to purchase?
Time can affect the value of your home. Are you planning to be in this home for 30 years or only 3 years? In 30 years your community might change a lot and the value of your home could increase. But if you are only staying 3 years, don't expect a sudden jump in value.
3.- Look at the home's (and other homes in the neighborhood) tax records.
How much has the home gone up in value? Is this neighborhood displaying patterns of value, or patterns of drops of value?
4.- Does this home need any major repairs, that might empty your pocketbook?
Make sure you are not deciding on a "good deal" that internally could cost you a lot more.
5.- Are you buying the nicest house on the worst street?
If you have found a diamond in the center of coal, you might be getting a good price, but not the best value. The homes in bad shape around you will bring your value down. When it comes time for you to sell your home, buyers might overlook your home, because it is not in the best neighborhood.
For more tips on getting the best value when purchasing your home, call or email us any time. We want to help you find not just the best location for you, but also the best value for your situation.
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