Buying for Short Term Investment vs Long term Investment;
Shopping for a home can be overwhelming. Whether you’re purchasing your first home, or you’ve purchased several homes in the past, there are still so many things to consider. Buying a home is the single biggest investment most people make in their lifetime. So, its no wonder that home buying can often be a stressful process. Like anything in life, coming in with as much information as possible, a game plan, and a supportive team can make the process much less stressful.
Most people who are purchasing a home are not planning to stay in that home for the rest of their lives. This is especially true of first time home buyers, and young buyers. First time buyers often get so excited about buying, they are more focused on their wish list than the type of investment they are making. Purchasing a home is the single biggest investment that most will make in their life time. Even when you may be purchasing with the intention of living in the house for several years, I always advise these clients to approach it from the perspective of a shorter term investment. When shopping for your home in this way, you will always be considering the probability of being able to sell your home in the future. This can help you protect your investment when it comes time to sell your home.
There are always so many different factors that affect home values, so its difficult to recommend specific qualities of a home that will increase the chance of holding its value. This is going to vary greatly based on the type of property, the market your purchasing in as well as many other factors. I can tell you that location is always important, and will forever be important in real estate. If considering two similar properties, it is always a good idea to choose the one with a more desirable location.
Make sure to always work with an agent you trust. They should have your short term, and long term best interest in mind, and should be providing you with all the information you need to make a smart investment decision.