A home can be one of two things. Either, it can be a fantastic investment that one day rises in value and allows you to gain a massive ROI. Or, it can be a constant drain your finances. It could ultimately eat away at your bank balance every month with expensive costs piling up one on top of the other. The contrast here is why you need to be careful when you are buying a home. You need to know whether you are buying a potential goldmine or a money pit. Let’s look at a few of the factors to consider.
Money Pit: Problems With Pipes And Electric
These are two expensive problems that you should avoid when you are buying a home. Pipes cost a fortune to replace, and electric wiring means that the home needs to be ripped apart. Both issues will show up on a survey, and you should check for these issues before you commit to a purchase. If you have already bought a home with these issues, your best option might be to sell. The problem is that most home buyers won’t want a property with these issues. If you’re thinking: I need to sell my house fast, there are options. You can consider selling to a company like Sell House Fast rather than a private buyer because they will take on a home, regardless of the state it’s in and pay the market value.
Goldmine: Modern And Contemporary
You do need to work to keep your home looking modern and contemporary. If you do this, you will ensure that it gets great offers when it is time to sell. Be sure to pay attention to features that buyers love such as aesthetic materials that look expensive like marble. This can be added as flooring in any room or as a countertop in the kitchen. Focusing on the kitchen could be a great way to raise the value of your home by as much as twenty percent!
Money Pit: Bad Neighborhood
If you buy a home in a bad neighbourhood or it deteriorates while you are living there, you will be in the position where the value drops rather than rises. You’ll be lucky to break even when it comes time to sell. This is one of the reasons why you should always look up crime rates in an area where you’re buying. If the crime rates are higher than average, there’s a good chance the neighbourhood is not a great investment location. Instead, you should look to buy somewhere that the infrastructure is being built up, even if the homes are more expensive.
Goldmine: Beautiful Curb Appeal
Finally, every home buyer wants a property that looks stunning. No one wants to buy a home that looks a mess, and that’s why you should be working to build up the exterior design of your home in any way possible. There are a variety of options to consider here, and you may want to speak to a landscaper about some of the best possibilities available to you.