When shopping for a home, you’re typically excited about finding the space where you will spend the potential next few years (or even decades) of your life. Moving out of that new home is likely not the first thing on your mind, but you should always keep a property’s resale value in mind as you make an investment. The signs of a profitable home investment can be difficult to spot, but we’re here to help. If a potential home offers any of the following factors, you could be in for a potentially higher resale value:
- Well-maintained neighboring homes. Often, it’s not enough for just your home to look amazing on the outside. The houses that surround you must also look clean and well-maintained. Otherwise, this can drive property values—and profits—down when it comes time to sell.
- An active homeowners’ association. The dues that you pay to your homeowners’ association, or HOA, can contribute to a higher overall property value. Not only will the HOA usually maintain public spaces and amenities, but they can sometimes even help with home maintenance and repair, increasing the value of your house.
- Low-maintenance living. One of the signs of a profitable home investment is low-maintenance living. When you buy a home, your expenses don’t just stop at the price of the house itself. You’ll also have to pay for water, lights, and more. If possible, find out how much the utilities and power will cost for your home each month, so you can estimate the pricing over the years.
- Proximity to retail. If you have to drive far in order to get dinner or groceries, you’ll consistently spend more on gas. This can eat into your profits. However, with closer shopping centers, your home value—and profits—go up. Having shops and restaurants within walking distance is even better, so make sure to ask your Realtor about what places are in the vicinity of your potential home investment.
- A successful inspection. A home inspection is critical before buying a home because inspectors can detect issues that you may not notice. These problems can lead to expensive repairs, which will diminish your budget. If you’re proactive, however, you can save a fair amount of money in the long run.
- A thriving school system. If you have a property with multiple bedrooms and bathrooms, you’re likely to have families interested in your listing. Because of this fact, the school system in your area can make or break the sale. Though you may have no children or intend to never have children, consider looking into the state of your local school system.
By following these signs of a profitable home investment, you’re also following the money, making a wise investment for your future. After all, there’s nothing better to look forward to on the market than earning returns and then some. To find your ideal home investment in the Auburn, Opelika, or Lake Martin area, fill out our contact form here. If you want to learn more about the process of buying and selling—or you would like real estate tips in general—visit our blog here.
