Greg Bennett - The Home Expert

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Buying A Home - Part 1: Buy A Home You Can Sell

This may seem like a strange statement, but its an important, and often overlooked consideration. 


When you’re buying a home, you certainly want it to represent who you are and to meet your needs. However, you should always keep in the back of your mind that possibly, somewhere down the road, you might want to sell this house. You may want to upgrade. You may want to cash out and travel the world. Who knows? But at the heart of it, you’re probably buying a home in order to accumulate equity. That is, put money in your pocket, and not into your landlords. It’s an investment.


​So here’s the thing. If you buy a home that is too ‘unique’, you may have a hard time selling it in the future. Or more specifically, you may have a hard time getting the money you have put into the house back out of the house somewhere down the road. This may seem odd to be thinking about selling your home before you’ve even bought it, but you would do well to keep this in mind. I have seen people buy a small 1 bedroom home, with another bedroom in the basement, which at the time, was in their budget and sufficient for their needs. But down the road, when they wanted to make a change, they had a hard time selling. The majority of buyers are often looking for a minimum of 2 main floor bedrooms.
 
So the bottom line is this. Certainly you need to think of your house as a home. Your safe place where you live your life. But it is also an investment. Something you are putting your hard-earned money into. If you invest in something that nobody, or very few people will want at any point down the road, you can argue it is a bad investment. Overly small homes. Fixer-uppers. Homes way out in the country. All of them may have their charms, and depending on the type of person you are, they may be just perfect for you.
 
However if you are buying this home because its all you can find in your price range, you might want to simply be patient or expand the scope of your search. Be careful not to get yourself locked into a bad investment.

Greg Bennett - The Home Expert
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