You’ve heard it said that a home is an investment. Check out these 5 home value trends that can determine whether or not your investment will pay off in the coming years.
1. Thinking ahead
It’s important to know what amenities are available near your home in case you choose to sell. But knowing potential commercial growth for your area could be just as important. Think hospitals, roadways, schools, and more. These things will directly affect your land and home value, whether positively or negatively.
2. Land on demand
While the structure of your home may depreciate over time, the land it is on does not. So if you have a prime piece of land and maintain it and your home well, your home value is likely to rise. Basically, figure out your land value, and go from there.
3. Comparable properties
The recent home sales in your area directly influence your home value. So taking a look at the comparable homes in your neighborhood is a great place to start when thinking about your future home value!
4. Opportunity for improvement
Though it may be tempting to put in hours, even weeks of home improvement before selling, it could be in your best interest to focus less on improvement and more on creating the opportunity for it. The more you cater your home to one style or another, the less it will appeal to potential buyers. The more your home encourages buyers to “make it their own,” the better!
5. Short vs long term
While house-flipping is becoming more and more popular, it takes a significant amount of home renovation experience in order to increase home-value in a short amount of time. So remember that thinking longer-term is generally a much better way to boost your home value. Keep your real-estate in good shape, pay off that mortgage, and you’ll be well on your way to making the most of your investment!