It’s hard to turn on the news or surf the Internet and not be bombarded with scary stories of economic disaster. Yes, it can make even the most confident person feel a little uneasy– especially when considering a step into real estate. But I can’t help but think there are some great deals out there when it comes to homes. I have a few friends who have purchased foreclosures and discounted homes that they wouldn’t have been able to afford a few years ago. So I guess for them, there is a bright side to this grim economic situation. If you are considering a home purchase, here are a few tips for finding a recession-proof house.
1. It’s All About Location. This was true before the housing market collapse and it will be true after. Location is key. Select a home near quality schools, in a low-crime area that is easily accessible and near amenities. Find out where nearby parks and playgrounds are, plus hospitals, police departments and fire stations.
2. Don’t Buy the Best. My mom always said, you don’t want to buy the best house on the block. Why? Because when you own the best home, the others will bring down your home’s value. When you own a good home, the nicer homes will bring up your home’s value.
3. Don’t Be Trendy. My husband and I love modern design. But we live in a 50 year old home. So while we can have modern touches, we are conscious not to choose ultra modern fixtures and improvements that might scare away a future buyer. You should do the same when buying a home as well. Look for timeless quality.