What Extras Are Worth Paying for in a Residential Property?

October 28, 2019

If you’re shopping for a new residential property, perhaps it’s your first home, you might be asking yourself, “How much home can I afford?” and “What extras are worth paying for in a residential property?” Purchasing your first home can be a stressful time. You want to make sure you are investing your hard-earned money into a property that will ideally appreciate over time and provide the most value to you and your family. 

One of the important considerations is to think about what extras are worth paying for when you’re buying that new residential property. 

Location

The location of any potential property is the most important factor. You can always make upgrades to an outdated home, such as fixing an old roof, or even expanding most homes if necessary, but you can’t change its location. Pay attention to how well neighbors care for their homes, the crime rates in the area and the school ratings. Walkability might also be important to you. If you’re choosing between a beautiful, new home in a not so great neighborhood and an older property in need of some upgrades, but it’s in a great neighborhood, always choose the better location. 

Lot Size

Your investment in any property is in the land that it sits on. The value of any structure depreciates over time while the land is what appreciates and gives you a return. In 2015, for the first time since the Census Bureau has been tracking, the median lot size of a single-family home in the U.S. decreased to under 8,600 square feet. While you don’t have to buy multiple acres, consider a reasonable lot size. Avoid new homes that are built upwards and provide little to no backyard. 

Energy Savers

If the house contains energy-saving upgrades, that’s something you’ll definitely want to take note of. It’s a gift that keeps on giving as over time you’re likely to save big. It’s worth spending more to have things like energy saving-appliances, energy-efficient windows, smart home devices that can help you save on heating and cooling, and so on. Tankless water heaters, along with plumbing and air conditioning units that have high-efficiency ratings, can make a major difference almost immediately, definitely worth paying for when buying a residential property.

The more efficient your home is, the more you’ll save on those utility costs, and you’ll be doing the environment a favor too.

A Garage 

If you’re having a brand new home built, you might be surprised to learn that many house/land packages don’t include any car parking as standard, it’s usually an optional extra. When you have a garage, you’ll have options for both indoor space and parking, and that flexibility also means added value. A larger garage is even better so that you’ll have extra storage space, room for bikes and things like gardening supplies along with a secure, safe place for vehicles. It’s an “extra” that’s guaranteed to be a good investment while being quite useful too.

 

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