
What Real Estate Pros Look for When Buying their Own Home
Buying a home can be a daunting task. Â There are so many factors to consider when making one of the largest investments of your life. Â Here are some of the things agents and other real estate pros look for when buying their own homes.
How easily will I be able to sell this in future?
It’s very easy to look at a home you are interested in through the lens of your own personal wants and needs.  But you should always be thinking about a home like it is an investment.  If you ever want to cash in, you have to be able to sell it.  Here is what the real estate pros are going to look for in their own home.
Is it possible to add value?
Agents looking for their own properties will want  to know there is potential to add value.  That could be as extreme as a whole home remodel or something more simple like replacing dingy carpet with wood or laminate floors.  Or being able to update the kitchen and bathrooms.  The neighborhood needs to be able to support those types of value adds so the investment is worth while.  Sprucing up a home can be a lot easier than one might think and often times more affordable.  Many retailers or whole sellers of flooring, granite, appliances, etc will be able to handle the demo and the install for you so you never even need to get your hands dirty.  If you are willing to get in their and tackle a project on your own, see our previous post DIY Projects that Will Help You Sell for More for some great ideas on projects that will add value and not break the bank.
Where is the home positioned in the neighborhood?
Buying and outlier in a neighborhood can leave you in a tight spot for resale. Â You want to be towards the bottom or right in the middle, giving you plenty of room to appreciate or add value on your own. Â You may want to stay away from homes that fall in these categories.
Flex space is important
It’s not all about square footage, functionality is huge. Â Buyers want to have flexible space in their homes like a second living room, den, study, office, game room, etc. Â A great floor plan with a lot of flexible space will always be appealing to buyers.
What areas have the best opportunities for rapid growth
You’ve heard the saying “location, location, location”, everyone knows that but not everyone can afford that. Â So if you are on a budget, buying in an area that has tons of upside on growth and appreciation is what agents will look for when investing in their own home. Â What are some of the signs.
So lets re-cap. Â Chances are a real estate pro buying their own home will be looking for the following:
Once you find the perfect home, you still have to lock in a contract.  Check out a previous blog article Home Buying Tips in a Seller’s Market to help navigate the the purchase process.
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