Is a New Home a Good Investment?
Buying a new home certainly can be a good investment, but there are many factors that you must take into consideration in order to ensure that your home is more than just within your price range. With the average mortgage being 30 years, you must consider you and your families wants and needs—both today and several years from now. Asking the questions below will help you to determine if the home you are considering is a healthy long-term investment.
Does The Home Have The Essentials You Require?
When searching for a home, you must begin by making a list of your “need to have” items and your “nice to have” items. Some examples of need to haves are number of bathrooms and bedrooms, air conditioning, and modern kitchen appliances. Some examples of nice to haves are a casual and formal dining room, a den, and skylights.
While there are some items that you can compromise on, there are others that the compromise may prove to be costly as time passes. For example, while you can always add a dishwasher to a kitchen that does not currently have one—the cost of the remodel may not be worth the trouble.
Does The Home Give You Room To Grow?
If you are moving from an apartment or condo, the extra space in the home you are considering may currently look quite impressive. However, as your family continues to grow, and you continue to accumulate more items such as sporting equipment, tools, lawn and garden equipment, craft and hobby supplies, and seasonal decorations—you may find that your excess room begins to feel cramped and cluttered.
Is The Neighborhood Desirable?
The quality of the neighborhood you live in is not only important for safety, but is also important to consider when speaking of property value. Ideally, you want the property value of your home to continue to increase over the years. This means you must look at the trends in your neighborhood. For example, you may opt to buy in a neighborhood that is undergoing gentrification in hopes that the improvements will continue—and that your property value will skyrocket.
Is The School District Desirable?
Even if you do not yet have children, you must invest time in researching the quality of the school district your neighborhood falls in. Otherwise, you may need to commute your children to a more suitable school district on a daily basis to ensure they have the education they deserve.
The questions above are an excellent place to begin when considering if the home you are considering is a good investment both financially, and personally. Making the decision to buy a new home is never easy, make sure you have an experienced team on your side with help from Marquee Mortgage. Our team of Arizona mortgage brokers is here to help you every step of the way, uncovering financing options that make purchasing the home of your dreams easier than ever before. Contact us today for a free consultation and get on the way to turning your dream home into a reality, no matter where your finances lie.