While it is almost always true that owning a home is better for your financial health than renting, that is only true if you buy a home that can be sold again, when you choose to sell it. Some homes are a lot harder to sell than others. Here are some key things to avoid when selecting your first home – homes that may look like great deals but really are not.
1. Homes on busy roads. Keep in mind that traffic will likely increase, not decrease, and roads may need to be widened in the future.
2. Homes close to industrial or commercial facilities. Some are definitely worse than others – homes within walking distance of shopping may actually be a great investment. Being next to hazardous waste sites might be the worst.
3. Flood zones. It is not always obvious by looking at a home – have your Realtor confirm whether or not the home is in a flood zone.
4. Flat out ugly homes. I’m sorry, but we’ve all seen them.
5. Most expensive home in the neighborhood. This may not turn out to be a big problem if the neighborhood might catch up over time – people adding on or even tearing down and building new.
There are other issues that affect resale value that you and your Realtor should consider. The ones mentioned here are bad moves, so don’t do them.
For a more detailed discussion on this topic, please go to http://solonglandlord.com/first-time-home-buyer-dos-and-donts/warning-to-first-time-homebuyers-dont-make-these-bad-moves.