Investing in real estate is often about meeting your specific needs. You want to buy a house that feels like a home, so you need to purchase real estate that is going to give you the amenities, space, and features you desire. But what really adds value to a property?
View your property purchase as an investment, not just an opportunity to get the space you need at that moment. Think long term. Is this property worth the investment in terms of overall value? What makes it stand out? There are some features that make all of the difference now, when you are buying it, and years down the road, when you are likely to resell.
Location Is Everything
You have heard the saying location is everything. It is the most important component when it comes to choosing a home. When factoring in the importance of location into your real estate purchase, consider everyone’s needs. Is it easy to get work, shopping, or school? Next, consider the more long-term factors. Are there plans to build close by, or other potential changes that could limit the desirability of your property?
Space Is Important
Does it matter how much square footage is available? It does. And, in the years to come, space in popular areas is likely to increase in value. For example, if you are buying a luxury condo in the heart of the city, you could benefit significantly from a few extra hundred square feet now, and again, later. Space is always a valuable commodity.
There are several onsite amenities that will always provide important value to your property. For example, if you are buying a luxury condo, you will likely expect to have an onsite pool, fitness club, or concierge service. These are features that are likely to remain desirable even in the long term.
Workmanship Over Style
Owning a stylish home is important to any luxury real estate buyer. Aside from buying based on stylistic choices, you also need to consider what contributes to the overall value. For example, travertine floors are stylish now, but may not be in ten years. On the other hand, the quality of workmanship used to build solid cabinets will likely stand the test of time. Look for quality in the product and materials, not just the appearance.
Today, and 10 years from now, a great view is going to add value to any property. There is no doubt the skyline will ultimately change, but a quality, panoramic view tends to remain valuable to a buyer at any time. The view plays an intricate role in the aesthetic value of a property.
Overall, buying real estate is not just about finding a dream home for you now. It is also about considering the long-term value of the property. When you find the right combination of both, then you will be ready to enjoy the investment fully.