Buying a home is a major commitment for your finances. At any stage of life, when you purchase real estate, you want to make sure that it's a sound, secure investment, and one that will appreciate in value over time. But with real estate markets across North America feeling overheated, it can be tough to both move into a new home and find a property that will maintain or increase in value in years to come.
There are a few factors to keep in mind when you're looking for a home that will also be good for your long-term finances.
#1 High Quality Construction
The quality of the build goes a long way toward determining the long-term value of your home. Good construction techniques and quality materials keep your home in good condition for longer, and make it easier to maintain.
Good construction also just makes living in your home more comfortable and less stressful. A growing market for high quality "dream homes" in adult lifestyle communities is leading developers like Blythwood Homes to focus on this segment. Well-built homes in master-planned communities make a secure investment. Learn more about better living by Blythwood Homes in an adult lifestyle community.
#2 Great Location
Location is everything when it comes to real estate, but there's no single perfect location. Everyone is looking for something different from a home.
For example, central locations in major cities will always command top dollar because the land is so finite. But that means they're already pretty expensive, and may not grow much as an investment. You're also looking for a place where you can live, and not everyone wants the city lifestyle.
For a more suburban feel, make sure you're still close to good amenities, including culture, entertainment, dining, and attractive natural features. There are many smaller towns where you can get a great home on a big lot and still only be minutes away from great amenities.
#3 Strong Communities
What makes a strong community? It's a good place to live, where neighbors know each other and there are lots of community bonds and organizations. One thing you may want to think about is a master-planned community, one that maintains a certain aesthetic standard, rather than a chaotic mix of styles. How a neighborhood ages will affect the future value of your home, so always look around at the community.
#4 It's a Bungalow
One-storey homes generally have better resale value than two-storey homes. The only exception is in neighborhoods where two-storey houses already dominate. One-storey homes are also great for seniors who plan to age in place, as the lack of stairs becomes a huge benefit.
#5 Good Design
Home buyers today don't have much patience for cramped, closed-in spaces, a style that dominated home building until more recent decades. That's one of the perks of new construction. The design is a better match for today's lifestyles.
Your first priority in buying a home should be whether or not you love it, but that doesn't mean you shouldn't consider it an investment too.
