Basics of Property Management: Screening Potential Tenants

Want To Maximize Long-Term Value When Buying A Home? 3 Tips To Follow

20 October 2016

Jesse Obrien

While there are housing market trends that people can follow, it is not possible to precisely predict the market, especially when you look one, two, or even three decades down the line. When you buy a home, you may be interested in one that has a great chance of providing you with superb value over time. Inflation on its own will help to increase the value, but there are other factors that can play an important role. It is worth taking these details into consideration to hopefully buy a home that has this outcome.

Minimal Natural Disaster Risk

An important factor to look at is the natural disaster risk in the area. All it takes is a single environmental disaster to cause your home to be damaged, destroyed, or for the community to be decimated. These things can reduce your chances of having a home with an impressive value many years in the future. Some of the states with the lowest risk include Washington, Oregon, and Colorado, so prioritizing homes in these locations will prevent you from having to worry about the potential danger of natural disasters.

Rental Potential

Another way that you can get value out of a property is through renting. One of the most profitable ventures is to turn a private bedroom or basement into a full-time vacation rental. Living in an area where tourists commonly travel to will help you keep the place occupied throughout the year. You can even rent out things such as your driveway or garage to those who are looking for an off-the-street parking place. It all depends on how much you are willing to commit to renting that will determine your income.

No HOA Fees

After you pay your mortgage, you may only have to worry about your monthly expenses and property taxes. But certain communities come with an HOA fee that you will always have to pay. While these communities typically come with some benefits, you may be interested in maximizing the home's value. Therefore, you should prioritize homes and neighborhoods that do not have these fees. It will keep your total expenses down, which will in turn give you more money to put towards investment opportunities.

It is best not to forget about the things that your family needs in a home. But these details are important to look at when you want to feel confident about the value of owning the home you end up buying. Contact a company such as Mary Couser: Galbreath Realtors for more information about purchasing a home.

Share