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. They'll talk to you about location, location, location, future community development, taxes, schools, your commute, and what sort of life plans you have. These are definitely important considerations, and we're going to add one more. When you're looking for the right home in Phoenix, keep in mind its resale potential. Usually when you're house hunting, reselling it is the last thing on your mind.
You may not know that most people these days will own from five to seven homes during their lives. Things have definitely changed since the days when home owners stayed put for thirty years or more in the same house. In more recent times we've figured out that an excellent way to accumulate wealth is through real estate. This makes perfect sense in Phoenix, where the growth has been phenomenal. You Phoenix home will only increase in value now that the secret is out about what a fabulous area it is.
In a few years you'll be able to sell and use that equity for an even better home. Selling may be the last thing on your mind right now.after all you want to enjoy your new home for a while; but always keep the potential resale value in mind as you look at Phoenix real estate. 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. Although, you can't predict the future, you can usually have a pretty good idea of how things will develop. For example, is the home in an area that's going through an upgrade? Most cities have sections that have traditionally been rundown, but with an influx of people, an infusion of cash, and new interest, they suddenly become quite fashionable.
This may or may not be a great place for resale value to increase, so do some research before you purchase here. If the future looks good you may be sitting on a goldmine. Older, established neighborhoods that are meticulously maintained are often safe bets, as are those traditionally popular with buyers. 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. ? Realistically evaluate your time and money if you're thinking about buying a fixer-upper.
It's easy to get carried away as you look at housing inventories. Today's ugly step-sister may be tomorrow's Cinderella. However, extensive changes may turn into a second full time job and be really costly, so be cautious. 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. 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.
? Check out the overall appearance of the home, including fixtures and appliances. There are often homes on the market that have an old-fashioned and well-used looked. These things may give the home a tired and rundown look or make it appear charming and quaint. As you evaluate the situation, make notes of what are "must be" changes and how much they'll cost. For instance new paint and carpet are fairly easy and affordable, while new cabinets, countertops, sinks, bathtubs, and toilets, involve more work and money.
Your decision on how much to do should rest on how long you intend to live in the home. It should be long enough that you'll get your investment back plus appreciation. If you're an established Phoenix resident you already know it's a great place to live.
Not only that, but Phoenix enjoys a vibrant real estate market. If you're new to the area; you're in for a pleasant surprise. The most important aspect of finding a new home is your enthusiasm for it. 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.
Click here to get a free copy of Jeff Nelson's, "7 Tips Every Home Buyer Should Know," a 10-page report that describes what a home buyer should know before making that very important purchase.