A home is not just a place to live; it is an important financial investment that can help you build wealth. But whether or not it functions as a good investment depends on whether you are purchasing the right property in the first place. Below are some suggestions that will help you make a good investment when picking a home.
Tips for Home Investment
- Choose the right location. Try and assess whether property values in the neighborhood where you are thinking of buying a home are likely to rise over the years ahead. That way, if you have to resell the house in the future, you increase the chances that you can do so profitably. But if you want to stay in the house for the long term, then it makes sense to also pick a location that will be suitable for your lifestyle and professional goals. If applicable, try to stay within range of work opportunities and good schools.
- Buy a home that is in good condition. If you purchase a home that is in great shape, it will be easier and more affordable to maintain and improve than if it has serious defects. Even though a fixer-upper would save you money initially, in the long run, it could end up costing you more. Of course, there are scenarios wheen buying a fixer-upper does make financial sense, but the average homebuyer does not have the budget, time or skills for extensive repairs. Even if you buy a fixer upper chose a home with “good bones”. Good Bones means buying a home with no major structural, drainage or poor construction problems that might turn into bigger problems in the future.
- Budget for home maintenance. Speaking of budgeting for home maintenance and repairs, you should make sure you do. That might mean deciding to purchase a slightly more modest home than you would otherwise so you have that flexibility. Keeping up with maintenance prevents small problems from turning into larger, more expensive ones.
- Make sure it is a home you will enjoy for years to come. If it is your intention to live in your home for decades, then it helps to buy a home you are certain you will love for the rest of your life. If you get dissatisfied and feel a need to move later down the line to a different home, that would be expensive, and would eat into your finances. By avoiding that scenario, you keep more money in your accounts.
- Buy your home with an affordable mortgage. Use our free instant rate tool https://www.bluesquaremortgage.com/rates/ and rate alert feature to set your budget with a great rate and keep on top of rates changes. The mortgage you use to buy the home you are investing in will have a huge impact on your return on investment. A home loan with a low interest rate and great terms will help you keep money in your pocket, ensuring you get the most out of your decision to purchase a home. Also remember Blue Square provides no cost loans and refinances to make it easier to buy, refinance, lower your rate to save more money now and in the future.
Buy a Home or Refinance in Seattle
During your mortgage consultation, we can offer you additional personalized recommendations to help you make a sound investment in a home. To schedule your consultation, please call Blue Square Mortgage at (206) 352-6453. We work with homebuyers throughout the states of Washington and Colorado.
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