The process of buying a home is quite different depending on whether you are shopping for a starter home or a home that you intend to stay in for as long as you live. With a starter house, you can more easily compromise on properties because you have intentions to move out in the future. One thing that you may want to prioritize is a home that shows promise in regard to increasing in value over time. This will help you when it comes to buying a forever home later on as it can give you more money to make this purchase. It is important to analyze some of the details that will determine whether this happens or not.
The transportation infrastructure of a city can have a huge impact on house value. For instance, a city like Seattle that has made a commitment to improving how people get around can play a role in the local housing, especially when it brings public transportation, bike lanes, and greater walkability to the neighborhoods that you are most interested in. It is ideal to look at cities that have clear plans with dates and progress updates that you can follow along with after purchasing a home in the area.
Future Job Growth
Cities that bring in people are going to have a high demand with housing. If builders are not able to keep up with the demand or are simply unable to due to the limited space available in a given city, you will find housing prices go up because people are willing to spend more to become resident homeowners. Several cities in Florida such as Orlando, Naples, and Ocala are seeing impressive growth, which gives you a chance to decide on a large metropolitan or a smaller city depending on what lifestyle you prefer to have.
Similar to job growth, you should not overlook population growth when it comes to future property value. A city does not need to be rapidly increasing in total job numbers, as long as they are growing steadily. Cities in Texas like Midland, Odessa, and Austin are perfect examples of desirable places. These medium to large cities offer broader flexibility in lifestyle compared to nearby towns that are smaller in scale. This may not guarantee a noticeable house value increase, but it will certainly increase the odds.
Putting some time and effort into analyzing these details will help you find and buy a home that has a great chance of selling at a considerable higher price than what you paid.