Let’s face it: People give advice on the daily, so sometimes it can be difficult to filter what’s needed and what’s filler.
While looking for homes and selling your current property, you and your agent will be talking a lot and he/she will be giving you a ton of information. While it’s (likely) all useful, here are a few things you should take to heart:
- Live near your community
It may seem exciting to move across the city, country, or province, but keep in mind that in doing so, you’re giving up the convenience of living near people you know. Living near your parents, for example, may be exhausting at times, but if you have children, having a babysitter within reach is a godsend. Holidays quickly become much more manageable and get-togethers will take less planning.
That’s not to say that you shouldn’t be adventurous—a big move could be just what the doctor ordered—but there is something to be said about building a community of friends and family and staying put.
- A desirable property now will be a desirable property later
In a hot market (like right now), some homes will get a dozen offers. They’ve done their work, the house is enticing, and they deserve the attention.
Some naysayers, however, will say that house is only attractive because there are so many buyers and sellers out there right now, or because a certain region is “in” at the moment.
If a home is getting a dozen offers now, it will still get an offer or two in a cold market. A desirable home is always desirable; people don’t change their minds on that just because of the neighbourhood or the real estate climate.
- Be strategic in when you make upgrades to your home
If you want to increase the sale value of your home, renovations immediately come to mind. And while some may actually help, others may be a waste of time.
The current market should weigh into this decision. In a hot market, putting in new windows may not allow you to bump the price up significantly. In a cold market, however, those same upgrades could get your property the needed attention to get the one offer that matters.
- Don’t bank on your property to be quick investment turnaround
Investing in a home is clearly a great idea, but some homebuyers have unrealistic expectations when they jump into buying a home.
Don’t expect that your property is going to jump in value in a few short years. While it has happened in extreme circumstances, typically homes increase in value more slowly.
Buying a property for personal use is a long-term decision. (Flipping homes is a different story.) When you’re buying a home, invest otherwise to help your portfolio; don’t put all your eggs in the my-home-will-double-in-five-years basket.
Flickr: Linus Bohman