Every buyer new or seasoned (owning a home before) has to be on guard for overlooking something. I find with buyers they tend to look at price, then homes, then neighborhoods. Funny to me that this is the largest single purchase most of us ever make an we do not look at how much it will sell for in the future!
Neighborhoods impact value, neighborhoods impact the quality of life, neighbourhoods change. If your neighborhood is on the edge of a park that is one value. If your neighborhood has busy streets that is another value. If your neighborhood is next to an industrial park or active train tracks this is yet another value. You can see neighborhoods can have a significant impact on you and your homes value. If you have all the city service available that helps, if you are in the country and have propane, septic system and no cable most buyers will pay less for your home, however the right buyer will pay a premium. Do all these homes sell yes. Do all these homes have the same value? no If you look in a private sub-division one has a home owners association and the other does not which has the better value? That depends on factors like is the HOA strict or non-existent, how much are the dues? The one that does not have and HOA has home owners with pride and police themselves and neighbors to keep property in shape.
So, can you buy property only to find six months down the road a new Wal-Mart is opening and the traffic is going to double on the quiet street in front of your house? Yes Can you buy a home where the largest employer is moving out and most of your neighborhood is now going to be unemployed. Yes This also means that the neighbors will have a hard time keeping up their homes.
Can you buy a home with a poor roof? Yes. If you get a home inspection this should be found. Home inspections will save you in many cases...not all. Will you know how to spot potential future drags on your home resale value.
Using someone knowledgeable that can guide you will save you money and help you make a better decision.
I hope this helps.
Drop me an email if you have any questions or comments.
Sincerely,
Gary White
Associate Broker
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