The ad is right, now is the time to buy – but we have been over that before. If you are motivated and savvy and thinking about buying a home in this market you must also being wondering what you should look for in your new home. Is there such thing as a recession proof home? No, there’s not – but there are some things to look for that will help you choose a home that will weather bad economies better and hopefully retain more value. Honestly, it’s back to the basics. Here are three rules of thumb to think about on your search.
1. Location, Location, Location. You’ve heard it before but it’s worth repeating – three times in fact. As the market has stumbled we are seeing more and more that location means everything. Where once moving into a gentrifying (read cheaper) neighborhood was exciting and cool, it is now often synonymous for standing inventory and decreasing home values. Remember that Starbucks that was moving in? It’s not moving into the neighborhood any faster then you are. So consider this, if you are moving into an urban area look for an established neighborhood that’s convenient to public transportation. Consider a building like Avonova (http://www.avonova.com/). Its’ venerable Upper West side neighborhood has long proven itself as a beacon to families, old time Manhattanites, and Yoko Ono. But perhaps most importantly, you can rest assured that there will always be a Starbucks right around the corner.
1. Location, Location, Location. You’ve heard it before but it’s worth repeating – three times in fact. As the market has stumbled we are seeing more and more that location means everything. Where once moving into a gentrifying (read cheaper) neighborhood was exciting and cool, it is now often synonymous for standing inventory and decreasing home values. Remember that Starbucks that was moving in? It’s not moving into the neighborhood any faster then you are. So consider this, if you are moving into an urban area look for an established neighborhood that’s convenient to public transportation. Consider a building like Avonova (http://www.avonova.com/). Its’ venerable Upper West side neighborhood has long proven itself as a beacon to families, old time Manhattanites, and Yoko Ono. But perhaps most importantly, you can rest assured that there will always be a Starbucks right around the corner.
2. Time Tested Product Types. When the market falters people stick with what they understand. In an urban market that is most likely a high rise tower or an apartment of some kind. In the suburbs, albeit everyone is different, but high rise condos are not part of the suburban dream for most people. Over the past 5 years we have seen an influx of condo towers move into Westchester County and Connecticut. Beautiful places to live, but potentially not as easy to resell as a single family home or a townhome, especially when the market is down. Did I mention that I represent some beautiful townhomes in Stamford (http://www.palmerhillhomes.com/)? But in all seriousness, time tested is the way to go - at least for now. Just an aside, you can be less concerned about interior finishes. Your super modern kitchen is not going to keep someone from buying your home as they can always renovate. Changing a high-rise apartment into a single family home or townhome on the other hand is impossible.
3. Don’t buy the most expensive home on the block (or in the building). You’ve undoubtedly heard this one before too, but again that’s because it’s true. Historically, you do not get the same return on investment for the largest most expensive home on the block as you do for a smaller start up home. So look around before you buy and make sure your home is not overbuilt for the area.
Nicole Weidaur of Keller Williams Greater Seattle has compiled a good list of things to think about when looking for a home as well. Everything from “research the neighborhood” (we are totally in agreement on that one), to “look at several houses before you buy,” and “buy based on needs not wants.” It’s a great list and worth checking out. http://nweidauer.activerain.com/post/1005381/8-Home-Buying-Dos-Donts
Nicole Weidaur of Keller Williams Greater Seattle has compiled a good list of things to think about when looking for a home as well. Everything from “research the neighborhood” (we are totally in agreement on that one), to “look at several houses before you buy,” and “buy based on needs not wants.” It’s a great list and worth checking out. http://nweidauer.activerain.com/post/1005381/8-Home-Buying-Dos-Donts
Andrea - check out DeveloperImplode.com - your background sounds like mine......I am trying everyday to sell million dollar+ spec homes in Arizona & have some fun at the same time with Developer Implode - Jeff Johnstone
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