Real Estate Reality Check: What Smart Buyers Need to Know!
Are you making investments based on design trends and fads and losing sight of the basic Real Estate Investment points?
Do you ever wonder why so many single-family homes, townhomes, and even condos and apartments have granite countertops and stainless-steel appliances? Which, by the way, may already be trending out!
The reason is that once the new home builders start a design trend, the resale market follows. Sellers know that the latest trend will sway a buyer to buy their home over another home without any trendy upgrades. However, the other home (the one withoutthe trendy upgrades) may actually be a much better investment, when you consider the most important points of home-buying—and we all know locationis first and foremost.
But, here are a few other things homebuyers need to consider…
Is it the worst lot in the neighborhood? Is it a sunken lot (a candidate for flooded basements!) Does it back to a busy street? Does it have a bad view? The list goes on and on.
Is there, in fact, a community? What amenities are available? Is it full of big, flashy homes built on very busy streets? (Definitely not children or pet friendly!) Buyers might think the fancy kitchen makes it a better choice over a more suitable neighborhood just because they might not have to do any remodeling (new bathroom, fancy appliances, new flooring, new paint). But, remember, most cosmetic jobs are very easy to change. The important thing to remember is that the land, lot, and the community cannot be changed.
The House Itself
What about the house itself? Buyers need to look carefully at the bones. Is it built well? Can a few simple, cosmetic changes make it more to your taste and fit your style better?
Don’t let the current fad of granite and stainless-steel appliances keep you from looking at the real things you need to consider when buying or investing. Private sellers and professional investors know that you need to consider more than the trendy upgrades.
So, next time you are out looking at homes to buy, ask yourself what really is important? Make sure to have a checklist. Really feel and see the space in its entirety. Don’t behave like a first-time gambler at a casino looking at all the flash! Spend your money wisely. You will smile later and enjoy your home for years to come. And when time to sell, you will thank yourself for investing wisely.