Real estate, much like any other major investment of time and money, has more subtle nuance to its strength as an asset than what might be plainly visible to the average homeowner. The appearance and upkeep of your home is just one small part of the larger whole that makes up the concept of value. To properly capitalise on what your home is worth means knowing the signs of your local market as well as what draws eyes to your property.
Too short a stay scares buyers away
Nothing can send a more worrying message to a prospective buyer than selling a home you’ve just recently moved into. Even if it’s simply a case of wanting a change of scenery, chances are those interested in your home are going to see red flags that simply do not exist. Knowing how long to hold on to your home is almost as important as how your home looks from the outside, albeit in very different stages of the selling process.
Don’t be afraid to step outside of your comfort zone and sell quickly if the market around you takes a turn for the better, however. Avoiding a housing bubble or capitalising on the revitalisation of your neighbourhood can be a wiser move than scaring off a nervous buyer who is actively looking for a reason to shut down a purchase.
Realtors matter more than you think
Complacency is king when it comes to making poor decisions. Real estate is a market full of people you may already know, be they family or friends, and it seems only natural to allow them to handle a transaction of many thousands of dollars on your behalf. Unfortunately, that’s likely a poor move to make. The realm of real estate sales needs attention and expertise that you simply cannot allow to be put to the wayside in favour of a family connection.
From there, you’ll have to make the call on hiring a traditional agent versus going with an online company. The Advisory put together analysis comparing online and high street estate agents that points out many of the issues with real estate handled through non-personal means. Much like how the psychology of a sale relies on the knowledge of the seller there is a distinct downside to giving a faceless entity the chance to try and make personal sales.
Neighbourhood investments reflect on your property
Knowing how a property will develop over several years is a skill that requires a fair amount of insight into local markets and the intentions of property owners near your home. In truth, you may go your whole life without stepping into a neighbourhood prime for revitalisation, but careful purchases and decisions can help land you a better long-term deal than your short-term payments reflect on.
It’s not uncommon for townships to take an unappealing plot of land and develop it into something more functional. Buying into one of these projects can be a minor gamble, but buying into them after their big announcement just means paying as much as everyone else. It may not be wise to purchase a plot of land next to a condemned building on the off chance it winds up razed, but knowing how your local area will naturally develop over time and which properties allow you to capitalise accordingly makes for solid long-term gains.
Treating real estate in the same manner as a casual friendship will only lead to pain. It takes plenty of work and a good eye for both business relations and real estate development potential to wring the highest possible value out of your home. Thankfully, there’s plenty of improvement to be made simply by selling at the right time and choosing an experienced real estate agent, but those willing to go above and beyond will almost always see better long term results.
