When shopping for homes, I think it’s important for you to consider more than just buying a home you love. It’s also important to at least consider if it’s a marketable property for the future, and how that could potentially impact your decision.
After all, your home is probably the biggest investment of your life up until this point, so treat it like one! Now, I’m not saying that you shouldn’t buy a home you absolutely love, and this post is not about buying a fixer-upper and flipping it. (Although, for you savvy buyers that love the idea of investing in a fixer-upper, rehabbing it yourself, and selling it for a profit, I've written other posts on this blog about this process, as I’m a big fan of this myself). I’m talking, instead about some simple steps you can take as a buyer to minimize your investment’s risk and maximize your rate of return when you end up selling in the future.
As you look at homes, there’s a lot to be said for analyzing your desires versus the desires of most potential home buyers out there. For instance, you might find your idea of a dream house in an area that is simply not in very high demand among home buyers. Is it still worth it to buy the house? Only you can decide, but that could potentially be one factor that works against you when it comes time to sell.
Let’s take a look at another scenario. You might find a home that sits on a largely unusable lot away from the street, but is in a beautiful, secluded setting. This might appeal to you in a huge way, but will it appeal to a large majority of other buyers out there?
Read the second post in this two-part blog series