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Top 10 Home Buying Mistakes – #9

Mistake #9: Thinking short-term

The house you plan to buy should be a place that feels like home to your family and it’s important to remember that it’s also a huge investment. When looking  for that perfect home, you should also think about reselling your home down sometime in the future.  Chances are good you will move again due to a new job, retirement, moving closer to family, etc. so you want to increase your chances of a quicker sale.

Look for homes in desirable locations and consider buying a smaller home in a more expensive, sought-after neighborhood.  Be certain to look for features that future buyers will want, such as energy-efficient upgrades, upgraded communication capabilities (“smart” house or CAT 5 wiring,etc), drought tolerant landscaping and extra storage space.  If you are a DIYer look for a home with good structural details and site location and plan to do the cosmetic upgrades yourself, but be certain to include those remodeling estimates in your mind when determining what you can afford.

Remember the adage “don’t buy the largest/most expensive home on the block”.  Owning the “baby” on the block provides more opportunity for upgrades and appreciation.