Assessing Property's long term potential

You see a home on the market that you like. Should you buy it? Before you make an offer, it’s a good idea to get a sense of the property’s long-term potential. After all, a property is not just a potential home, it’s also an important investment.

Here are some things to look for when viewing homes on the market:

  1. Is the area’s average income increasing? The more affluent a neighbourhood becomes, the higher the property values.
  2. Are employment opportunities growing nearby? If jobs are leaving the area, housing prices will likely decline.
  3. Is there any nearby housing or community developments that will enhance the quality of life in the area? If a park with a quiet walking trail, or a prestigious golf course, is being built nearby, the value…

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Your neighbourhood has a lot of features that can help you sell your home faster. Unfortunately, buyers don’t usually notice those features just by driving around. So, you need to make sure they get all the information they need about your neighbourhood.

For example:

  • Homes don’t go on the market often in your area. That’s an indication that the quality of life in the neighbourhood is so good that no one wants to leave! In real estate, we measure the area’s “turnover rate”, and it’s a handy piece of data to have when listing your home.
  • Demographic data can also be helpful when selling your property. If your neighbourhood has a lot of families, for example, that’s going to be appealing to buyers with kids.

Other types of data that can…

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Estimating Your Selling Costs

When the time comes to sell your house, you’ll want to determine roughly how much you can expect to net after the sale. To figure that out, you’ll not only need to know how much your house will likely sell for, but also the selling costs you are likely to incur in the process.

The costs of selling vary depending on a number of factors. Here’s a general rundown of what to consider:

  1. Repairs. You will want your house to look its best to buyers. That may require you to get any needed repairs done before listing. You don’t want a buyer to see a dent in the wall or a dripping faucet.
  2. Renovations. It might make sense to get a few improvements done to make the house more attractive. For example, you may want to replace old and worn kitchen…

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Predicting Your Future Housing Needs

What will your housing needs be in three to five years? If you can figure that out, you can watch the market, target areas and neighbourhoods you might like to live in, and reap the benefits of planning ahead.

To begin the process, start by asking yourself the following questions:

  1. What will my family look like in three to five years? Will there be a new addition (or two) to your family? Will you have kids that are grown up and about to move out? What is the possibility that an elderly relative (Mom, Dad or grandparent) will be living with you?
  2. What will change regarding work and school? Will a teenager be off to college? Will you or your spouse be retired? Will someone in your household be starting a home business?
  3. How will your…

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