3 Questions You Should Ask Before Buying That Home
3 Questions You Should Ask Before Buying That Home
You’ve finally made the decision to purchase either your first home or another home! This means that it’s time to start the homebuying process. You’ve either experienced this for yourself or heard it from others, but purchasing a home is both a time and financial commitment.
The last thing any homebuyer wants to feel is that they’ve made the wrong decision. There are lists of questions that you could ask, but here are 3 questions you should ask yourself before deciding which home to purchase:
Have you explored every area of the home?
Do you know what the neighborhood is like?
Do you know the house’s past?
Learn more by reading the full article on David Taran’s website.
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Small Vs. Large Homes: Size Does Matter For The Return On Investment
Originally published on David Taran’s LinkedIn.
Does size really matter? Homeowners often ask the question of what size home will potentially have the best return down the line - small or large?
Will a smaller home give you the best investment? Will a larger home provide you with a greater financial return on investment when you go to sell it in the future? While most homebuyers are focused on the size of the home, they are missing out on one crucial facet of homeownership that is just as important - location.
The physical structure of your home will depreciate over time; it is the value of the land that actually appreciates as time passes. The home itself will not have a direct impact on the increase of land value. Instead, it is these areas that will influence the majority of your return on investment:
Quality of the surrounding school district and neighborhood.
Aside from the physical features of the home, the quality of the nearest school district and the entire feel of the neighborhood are at the tops of the lists for families who are looking to settle down. If the home is in an area that will provide their (future) children with a good education and both themselves and their family with a thriving community to connect with, that will be a desired property.
Proximity to amenities.
Millennials want to buy a home that puts them close to the social and active lifestyle they crave. Seniors want to be close to the essentials - a doctor’s office, the grocery store, the bank, etc. A home’s walkability to certain amenities can have a direct impact on the value of the home.
The size of the home.
From mansions to tiny houses, the ideal size of a home has fluctuated over the years. Once, larger homes were more popular due to their elaborateness and spaciousness. Recently, tiny houses that measured in at 1,000 square feet or smaller became the newest real estate trend. Now, smaller homes are sought after again as the younger generations begin to grow their families.
The Final Verdict: Small Vs. Large Homes
When all of these factors are taken into consideration, it seems that smaller homes offer the greatest return on investment. The down payment is much smaller when compared to larger homes, which means lower debt, and they often come off the market quicker as there is a larger number of families looking to settle on small- to moderate-sized homes.
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http://davidtaran.co/blog/
David Taran is the partner of Sunstar Capital, an investment management firm in San Jose, CA. He's spent 25+ years in the industry, developing, constructing, and acquiring properties. Deeply devoted to balancing a healthy work-life balance, David is an avid supporter of Project Happiness, a non-profit organization dedicated to helping others find empowerment through tools, resources, and classes. David lives in California with his wife, Randy.
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