For Example, Is The Home In An Area That S Going Through An Upgrade

Category: Finance, Real Estate.

Any time you re in the market for a new home, people will seem to pop out of the woodwork with all sorts of advice. These are definitely important considerations, and we re going to add one more.

They ll talk to you about location, location, location, future community development, schools, taxes, your commute, and what sort of life plans you have. When you re looking for the right home in Phoenix, keep in mind its resale potential. You may not know that most people these days will own from five to seven homes during their lives. Usually when you re house hunting, reselling it is the last thing on your mind. Things have definitely changed since the days when home owners stayed put for thirty years or more in the same house. This makes perfect sense in Phoenix, where the growth has been phenomenal.

In more recent times we ve figured out that an excellent way to accumulate wealth is through real estate. You Phoenix home will only increase in value now that the secret is out about what a fabulous area it is. Selling may be the last thing on your mind right now. after all you want to enjoy your new home for a while. In a few years you ll be able to sell and use that equity for an even better home. But always keep the potential resale value in mind as you look at Phoenix real estate. Although, you can t predict the future, you can usually have a pretty good idea of how things will develop. Here are some things to watch for as they ll affect the resale price: Any real estate expert will tell you that location is the most important consideration of all.

For example, is the home in an area that s going through an upgrade? This may or may not be a great place for resale value to increase, so do some research before you purchase here. Most cities have sections that have traditionally been rundown, but with an influx of people, an infusion of cash, they suddenly become, and new interest quite fashionable. If the future looks good you may be sitting on a goldmine. The point is, don t just think about today when you buy. keep your eye on the potential increase in the value of your home. Older, established neighborhoods that are meticulously maintained are often safe bets, as are those traditionally popular with buyers. Realistically evaluate your time and money if you re thinking about buying a fixer- upper.

Today s ugly step- sister may be tomorrow s Cinderella. It s easy to get carried away as you look at housing inventories. However, extensive changes may turn into a second full time job and be really costly, so be cautious. You d probably be wiser to spend a bit more now, as your Phoenix home will still increase in value and you ll save yourself from living a nightmare. You ll probably be fine with some small changes, but if you haven t remodeled a home in the past, don t make the mistake of thinking it will be easy and quick. Check out the overall appearance of the home, including fixtures and appliances. These things may give the home a tired and rundown look or make it appear charming and quaint.

There are often homes on the market that have an old- fashioned and well- used looked. As you evaluate the situation, make notes of what are" must be" changes and how much they ll cost. Your decision on how much to do should rest on how long you intend to live in the home. For instance new paint and carpet are fairly easy and affordable, countertops, while new cabinets, sinks, and toilets, bathtubs, involve more work and money. It should be long enough that you ll get your investment back plus appreciation. Not only that, but Phoenix enjoys a vibrant real estate market.

If you re an established Phoenix resident you already know it s a great place to live. If you re new to the area. The most important aspect of finding a new home is your enthusiasm for it. You re in for a pleasant surprise. You ll want to be in a place that you love and that meets your needs. Meanwhile, as you enjoy it, it s increasing in value and so is its resale potential.