Housing is usually the biggest financial monthly outgoing you make; and whether you are buying your first house, or moving up the property ladder, you need to ensure that the house you buy not only retains its value, but increases year-on-year. Buying a home that decreases in value can cause mortgage headaches, corrode your net worth and mean that you are unable to relocate for a new employment opportunity.
The first step is to decide on whereabouts you want to live. If you are single, you may prefer to live in a large metropolitan city, and if you have a family, a smaller town may be preferential with its child-friendly amenities and developed sense of community.
Nobody knows an area like a real estate agent; they know the latest market conditions, government regulations, and any upcoming developments. You need to choose a Buyers Representative that is expert in your chosen area to ensure that the knowledge they have is local and relevant. Joe Manausa Real Estate, for example, specializes in property search and sale in and around Tallahassee with emphasis on Killearn Acres, the gated Golden Eagle Plantation, Southwood and Killean Lakes Plantation neighborhoods. Your choice of neighborhood is the influencer on the value of your home, but you need to make further investigations to guarantee that you are making the right decision.
Access To Jobs
No matter where you choose to live, the most influential aspect of any community is the access to jobs, and not just any job: high-paying ones. Looking at the long term, there must be the right caliber of buyers in the vicinity for when you are ready to resell. Key identifiers for areas with long-term job opportunities include low unemployment, universities, and seats of federal or state governments. Research your chosen area.
The abundance of desirable amenities is another indicator that the area is a solid investment. An amenity is an asset to the community and can add value to the area. Look at what the community has to offer its inhabitants: an area that has good public schools, transport links and parks should increase its value. However, do note that where a high proportion of the real estate appeal is based on amenities rather than access to jobs, it will not be protected from a downturn in the economy.
Have a Drive-By
Open houses are usually scheduled for the morning or afternoon. Visit the neighborhood in the evening, drive through and assess what it’s like. You should also preferably visit during a weekend, too. By doing so, you will see a different side to the area that is not in the real estate brochure. Drive down surrounding roads to gauge how neighbors keep their property: is the lawn kept neatly? Do they take their empty trash cans in the evening? Of course, there are usually a couple of unkempt properties in every area, but keep an eye out for a declining neighborhood.
Your house is your home, but it is also your major asset; you need to look at the long-term viability of a neighborhood so that your home performs well as an investment, not just a place to live and love.