Due to tight inventory, home buyers in the Denver metro area have seen unprecedented appreciation in the past few years. But most buyers purchase homes for the long haul, rather than short-term gain, which means it’s still important to choose a home with care.
How can you ensure a home will hold its value and then some? Here are a few tips from Housing Wire Daily:
Choose the general location with care: Is the school district ranked high? Are the neighboring cities thriving? Is it “an up and coming area that’s being built up, and that people are moving to?” Is the crime rate low? Look for a location that’s vigorous and growing to ensure your property will be desirable down the road.
Shop for a well-kept neighborhood: “The appearance of the entire neighborhood is a critical factor in determining how it appreciates,” notes Housing Wire. Even if your yard and home are well-tended, if the homes around you are not, buyers will be deterred.
Avoid certain upgrades: One person’s upgrade can be another’s deal-breaker. Not everyone, for example, wants a swimming pool in their back yard or a wood-paneled billiard hall in their family area. Additionally, homes where only certain areas have been upgraded – such as the bathrooms, but not the kitchen – can feel disjointed and off-putting to buyers.
Don’t choose the biggest home in the neighborhood thinking it will appreciate more: Housing Wire notes that property values determine appreciation, not size.
Buy a home that needs renovation: Homes that need TLC sell for lower prices than those newly remodeled. Once fixed up, the price tag rises – and you will reap the benefits.