You’ve finally saved up enough for a down payment on a house, and you are ready to take the plunge and kiss rent payments goodbye.
It’s true that a house can be a great investment, but you don’t want all of your hard work and saving to go down the tube by purchasing a money pit. Here are some factors to keep in mind when searching for a home that will go up in value, and eventually make you money.
Location, location, location: Home value has a lot do to with where the house is. Make sure you do your homework, and know the neighborhood well before you buy. Consider the crime rate, proximity to shopping and restaurants and school district.
Size: Biggest isn’t always best, but it does play a factor in resale value. Considering the average family home is more than 2,600 square feet, going too small with your square footage is not good.
Curb appeal: Sure, you want to spruce up your curb appeal when selling your home, but many people don’t consider curb appeal too strongly when buying. The landscaping doesn’t have to be a deal breaker, but it will give you an indication of how well the previous owners cared for the home.
Interior: Don’t let ugly décor, paint or wallpaper steer you away from a house. Everyone has different tastes, and you can make the house your own pretty easily. Look passed the decorating, and pay attention the floor plan and functionality of the home.
Condition: The house may meet all of the above criteria, but if the home inspection turns up major flaws, you need to walk away. Big problems like foundation failures or water damage can be costly to fix, and it could also deter any future buyers when you go to sell.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation
