Simply put, the end goal when buying a piece of real estate is not always the same.
There are typically two types of home buyers: the first type of Buyer views their purchase through a short-term lens (perhaps 3-5 years), and they plan to live somewhere for a short time and then hopefully sell for a profit – this would be a Resale Home Purchaser. The second type of Buyer wants to put down roots and raise families and/or pursue lifestyle goals – this type of purchaser is searching for a Forever Home.
The goals and objectives that dictate the decisions we make when choosing to buy a property influence how and why we make our real estate purchases. Let’s review what you should keep in mind when looking for either your resale home or your forever home.
RESALE HOME:
A resale home is an investment. Ultimately you will want to be able to sell this home and make some money in the process. You are looking for a home that will give you the best return on investment while still serving your needs. The best way to ensure a good return on investment is to choose an up-and-coming area as the value of the property will continue to increase as time passes. This will provide your best chance at increasing the sale price of your property when it comes time to move on.
A pre-build home or condo is a great investment as in the time it takes to build the property, the value will have already increased over your purchase price. The building or home will be new with new appliances, amenities and features which will be great selling points.
When choosing the home or condo you have every intention of selling in the future, it is important to keep your needs list in perspective. For example, it will be worth the sacrifice to give up some of the features you would like to have for the areas and amenities that will be attractive to potential buyers and provide you with the best return on investment.
When buying a resale home, do your best to keep your emotions in check as the ultimate goal is to ensure the property has high resale potential. An experienced real estate professional, such as the Shirriff Wells team, can provide all the market research you need to make a smart choice. As well, if you are purchasing a property purely for investment and never intend to actually live there yourselves, the Shirriff Wells team can direct you to the most lucrative investment options for your budget.
FOREVER HOME:
When purchasing your forever home you are the star of the show. Whatever your list of needs and wants is for you and your family that is the property you will gravitate to. Create your list of key features that you can’t live without to ensure you are completely satisfied with the property you intend to stay in.
The location will be one of the most important decisions you make. You want to make sure you are close to the amenities that are important to you and also your office or work, if applicable. You also want to choose a location based on proximity to friends and family that you see the most often. Once you have narrowed your favourite location the search will begin!
When it comes to the budget you may have a number in mind, however, since this is your forever home, factors such as lifestyle and personal needs may override your initial budget. You don’t want to have any regrets once you have settled in.
This buy will be one of the most emotional buys you will make as this is where you will create memories that will last a lifetime. Be as prepared as you can when you start your search so you don’t get fully caught up in the emotion of the experience and in the end have everything you have ever dreamt of, and perhaps, ever more!
Acquiring property serves many purposes – sometimes it is for investments, and other times buying a home is for more personal reasons. We are here to help you reach your goals in all aspects of your real estate-related needs. Contact the Shirriff Wells team today – we are always here to help – www.shirriffwells.com.
