Buying a home for the first time is a daunting experience. A lot goes into finding the right area, space and price point that suits your needs. And then there’s the investment factor.
This is where you’ll raise your kids, this is where you’ll entertain friends, this is where you’ll grow old. So why should you think of your home in terms of the money it could make you, if you have no intention of ever selling it?
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Because things change, and you could be presented with an unmissable opportunity in a different country. Or your kids might get into a good school in a different neighbourhood. Or you might just want to leave a legacy for them when your time finally comes.
That means that even though you should be treating your home like a home, you should also be working to turn it into a top-notch asset.
You’re young
If you’re a first-time home buyer, chances are you’re under 40. That means you might be a bit restricted in terms of what you can afford to buy. As your finances and lifestyle needs change and grow, your home will need to grow as well. So readjust the way you think about this place, because selling it to upgrade your life may become something you really want to do.
Location is key
The worst place in the best location still has the potential to become a solid investment, and spending less on the purchase means you’ll have more money left over for renovations.
Speaking of renovations
Be mindful of everything you change, paint over, rip up or add on. Do some research to find a timeless look that will endure. Stay away from garish paint colours (green and orange walls do not mesh well, in any universe) and funky tile designs. When in doubt, stick to neutral tones that will age well and entice potential future investors rather than put them off.
Can your home generate income while you’re living in it?
There are loads of different ways to make your home work for you, even while you live there. You could start a home-based business and claim portions of your expenses back from tax. You could rent out rooms. You could rent out storage space. You could turn your garden into a fruit and veg patch and sell to locals. It takes a little creativity, and a good look into the opportunities your property can provide.
• Information courtesy of Private Property.
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