In today's market, buyers are savvy! Not only are they looking for a great home for themselves and their family, but also one that will appreciate and bring future value.
Here are some characteristics of homes that tend to see the most appreciation:
- Single family homes will always appreciate the strongest, followed by duplexes/triplexes, then condos, and finally apartments.
- Access to jobs is critical for rising home values. If jobs go, values go. If jobs increase, so do the values of the properties nearby.
- Who doesn't love living near amenities? Look for properties near shops, restaurants, and parks. Ideally with good public schools and low crime rates.
- Look for neighborhoods with distinctive architecture. Many buyers will find this charming and desirable.
- Never buy the nicest house in the neighborhood, but look for a house with good bones.
- Don't be afraid of putting in a little work. Updating a kitchen or bathroom can bring a big return on value.
- Examine the neighborhood. Do the neighbors take care of their homes? Is there new construction popping up in the neighborhood? Are new restaurants moving into the area? These are all great signs that value will continue to appreciate.
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