Planning to buy a house soon? Before you start picking homes for your maybe-pile, you should pick out the neighborhood that you’ll call home. There are several location factors that go into valuing your home that should make picking out your new neighborhood a primary objective. Factors such as property tax, community amenities, public transportation, crime, and so on play a major roll in determining property value in a particular area.
Think of your home purchase as an investment. You’re no longer renting or leasing, so searching for your new home in an area with low property value (lower priced houses) may end up hurting you in the long run if the value of your home continues to drop over time. Purchasing a house in a market with increasing property value, however; will likely be a wise investment as you’ll be able to sell your home for more than what you pay for it when you decide to move again.
Another point you may take into consideration: houses in neighborhoods of increasing property value are essentially grouped together by association. A very wise home buying investment strategy may be to purchase a lower quality home in such a neighborhood. Over time the value of your property is likely to increase no matter what, and with lower quality properties in high property value neighborhoods, your efforts to renovate certain portions of your house raise the value of your home even more and will return to you very much in your favor. Talk to real estate experts for advice that fits your specific home-buyer needs, and be sure to hire professional movers once the time comes to move to your new house!