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When you’re looking for a new home, you want it to be something special. While social media often showcases features that make a home desirable, it’s essential to find a hidden gem that not only fits your budget but also offers long-term value.
If you’re feeling uncertain, GOBankingRates collaborated with Nikki Beauchamp, a senior global real estate advisor at Sotheby’s International Realty, to share insights about identifying the right property amidst your search for a perfect home.
Evaluate the Neighborhood
The appeal of a home isn’t just about its features; the neighborhood matters just as much. Beauchamp emphasizes the importance of local establishments — are there popular cafés or beloved restaurants nearby, and how long have they been in business? A flourishing business scene often indicates neighborhood stability and growth potential.
Checking lingering businesses in the area can provide valuable insights about upcoming value growth, making it crucial to look for signs of both new and established establishments as these can reflect the economic health of the community.
Research Planned Infrastructure Improvements
Before making a purchase, it’s essential to look into planned municipal and city projects that could impact the property’s value. Infrastructure improvements, such as new transit lines or community spaces, can significantly enhance the area, increasing the home’s future value.
Inquire about local planning meetings or check community development projects to find upcoming changes that could contribute to the desirability of a neighborhood.
Align Property with Your Goals
Your new home should align with your lifestyle and long-term aspirations. Consider where you see yourself in the next five to ten years. If you plan to start a family, you may prefer a more modest home in a reputable school district instead of a larger home in a less-desirable area.
It’s critical to think about both your short-term and long-range goals before committing to a purchase, as this can save you from future inconveniences.
Look Beyond Cosmetic Flaws
Often, the most significant opportunity lies in homes that may not appear perfect at first glance. Beauchamp notes that buyers should maintain an open mind and not dismiss properties due to minor cosmetic issues.
Focus on homes with solid structural foundations and layouts. Aesthetic updates are often more manageable and less costly than addressing structural concerns. With a little effort, what may seem like a rough diamond can become your dream home.
This article is part of GOBankingRates’ Top 100 Money Experts series, focusing on expert insights into financial questions. Feel free to submit your queries for a chance to win $500.
