By Kathy Henne
You’re ready to buy your next home. You’ve decided on the features you need and the amenities you’d like to enjoy while living in the home. You know your financial limits because you have been preapproved by your lender. You know if your next loan will be FHA, VA or Conventional. This is important because not all homes will meet FHA and VA requirements, so you don’t want to decide on a home and then find out it won’t meet the FHA or VA criteria and have to start all over again.
Why not consider the investment potential of your next home? You plan to stay and will probably never sell the home, so why be concerned about the home’s investment value?
For one thing, plans sometimes change. The family grows beyond the home’s capacity, so your home is too small for your family. Or the children grow up and leave, so now your home is too big. You get older and your knees decide they would rather have a first floor bedroom. One day you decide you’d rather be playing golf than mowing the large lawn. Or you receive a career opportunity that involves moving to another state. Get the picture?
So, why not take a different perspective when considering your next home choice? In addition to its suitability to your present lifestyle, also look at it from an investment perspective. Is it in a neighborhood that is likely to improve over the years? If it’s in an older neighborhood, are the neighboring homes being refurbished to reflect pride of ownership and their true value?
Has the home been over improved beyond it’s value and the values in the neighborhood? If so, the future sale price may be held back by other homes in the area. Is the location likely to be attractive to future buyers? Is it priced at a fair market value or below market value? And why?
You need to enjoy your next home to it’s fullest, so make it an investment in wealth as well as in life.
Contact the Kathy Henne Team Re/MAX by calling 937-778-3961