Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Think about the Future as Well as the Present When Buying; INSIDER INFO

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Think about the Future as Well as the Present When Buying; INSIDER INFO

Article excerpt

THE heart often rules in real estate. You walk into a home and it's "the one", you must have it, even if there are a few quirks that need attention and maybe the location isn't perfect.

But First National Real Estate Coffs Coast principal Barry Booth is urging buyers to allow their heads as well as their hearts to help make the decision to buy a home.

Mr Booth said that many people overlooked assessing the resale value of a home they're planning to buy and instead focused on finding their perfect home or planned renovations to suit their specific needs and tastes.

It might seem like getting well ahead of yourself thinking about how much the home you want to buy will be worth in the future, or if anyone will even want to buy it, before you take the plunge.

But Mr Booth said an objective assessment of the resale value of a home you're planning to buy or renovate can provide long-term peace of mind.

"It's like buying shares - how do you really know what will most increase in value over the next five years?" Mr Booth said.

"It's important to make a smart choice about where and what you buy. It's dangerous to make the assumption that renovating any property in any location will produce a positive return on your investment."

Mr Booth said although no one could guarantee a home would grow substantially in value, there were several considerations for homebuyers wanting to ensure the best possible investment.

Location

"The reason agents talk about location is because it's key in appealing to the largest possible number of potential home buyers, and that's what you want in the future," Mr Booth said.

"Avoid buying a home at the top end of your budget just because a particular suburb seems desirable. Instead, look closely at properties in improving suburbs or towns, or suburbs adjoining well-regarded real estate areas, where values have room to increase. …

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