We live in a fast-paced environment in today’s global world. In recent years, home prices and sales have skyrocketed while inventory has declined rapidly. Consumers must avoid the trap of thinking that this is normal; when in fact history shows us real estate cycles take several years to occur. Real estate is a long-term investment. While there are short windows of extraordinary times, they are rare. Today, there is a more balanced market, a positive outlook for the future, and more homes to choose from. Building a strong team of professionals to help make this plan come to fruition.
When should you buy a home? The answer is simple: anytime it fits your life plan. Your home purchase is more than a down payment, a mortgage, or the “look and feel” of the home, but is what your life plan is over the long term.
For example, a first purchase most likely represents different goals than the second or third. The life plan may be to stay in the same location for some time, or a shorter term. This purchase may become one of many in a portfolio over time. All these factors may help determine what type of purchase or property best suits your needs for the time being. Enjoy your home, care for it properly and it will bring a return to you in the future.
Caring for your home is key during the time you own it. Whether it is a shorter amount of time or lengthier, maintenance and upkeep are essential to maintaining the value and desirability to others. The chances are it will go on the market one day to either sell or potentially rent. Repairs and updates add value and different types bring different returns. Plan for these if necessary, and budget to make the necessary changes to add to your investment. Keep records of all the improvements made to the property. Any information will be helpful to the next owner.
Life scenarios are unpredictable, and change is inevitable. The time will arrive when a decision to sell, or potentially rent out your property will occur. The plan to keep the home well maintained, updated and cared for will pay off whether the plan is to sell or rent.
When it’s time to make the move again, consult with your professional team who has experience and knowledge to assist you in meeting your goals and dreams as you transition from one home to the next. They will help you weigh out your options so you can make decisions that benefit you the most and help you get from where you are to where you want to be with the least amount of stress possible. A relationship with a great team is as key as maintaining your home.
Real estate is a solid investment. View it in the long term and gain long-term rewards. It will continue to grow in value over time, even when there are slight economic dips during the process. There is no crystal ball telling the exact future of life or economics. Things rise and fall all the time. That is not a reason to fear a home purchase. Remember, get that professional team together, make a plan, and follow through. It’s always a good time to invest in real estate.
Deanne Nelson is the Broker Owner of New Key Realty in Nashville TN. Her passion for real estate started 17 years ago when she decided to pursue it as her career. She carries a license in both TN & FL. Deanne fell in love with Tennessee in the early 90s, moved here, and is a graduate of Belmont University. Deanne currently serves on various committees & is Chair of the Membership Committee at Greater Nashville Realtors. She intends to give back to the community by being a positive influence & impact within the real estate industry for the consumer and other agents.
