Searching for the perfect home for sale can be a daunting task. In order to ensure you are making a wise investment, you need to find a property that meets your current needs and will retain its value over time.
Building equity is something that homeowners strive for, but few understand how outside forces could affect the value of their property. Be mindful of these unexpected things that could negatively affect home values as you complete your search for new real estate.
1. Terrible Neighbors
Most homes do not exist in a vacuum; they are surrounded by other properties occupied by residents that could have an affect on your future. If you want to invest in a property that will retain its value, you need to ensure the home you buy is surrounded by good neighbors.
Having a terrible neighbor could lead to legal disputes that will appear on property searches should you try to sell your home in the future. Noisy neighbor kids or pets can also make your home less desirable for potential buyers, reducing the value of your property. Take the time to ask about the quality of the neighbors before buying a new home.
2. Quality Schools
Even if you don't have children, you need to pay attention to the quality of the schools within the district where your home is located. Education can influence the value of your home.
A recent survey showed that 91% of potential buyers indicated school boundaries played a role in their search for a new home. Securing a home that is located within a desirable school district will help make your property more valuable over time.
3. Energy Efficiency
As you search for your new home, keep energy efficiency in mind. Properties that are able to conserve energy have more widespread appeal on the market. Energy efficient features like new windows, zoned heating and cool systems, and home automation can significantly reduce the amount of energy required to keep a home functional.
Focusing on energy efficiency during the buying process will not only give you access to a property that will reduce your monthly utility expenses, it will also ensure that your home retains its value over time.
Finding the right property can be challenging, but shopping with value retention in mind can help you narrow your options to locate the perfect property. Unexpected factors like bad neighbors, poor school districts, and a lack of energy efficiency can negatively affect the future value of a home, so ensure that you invest in a property that will allow you to build equity.