More people than ever are looking for real estate in Charleston, SC right now. But a big part of finding the right home is finding the one that will be the best investment over time. So how can you get a house that will increase in value? Here are four tips to help you succeed:
1. Neighborhood really does matter – There are few things that make such a big impact on a home's lasting value as its neighborhood. While every city will develop new trendy spots in time, it's much rarer that a previously desirable neighborhood will become completely unwanted. There are many kinds of "good" neighborhoods, from those that have a 40+ year history of being desired for their safety and tranquility, to those that are near all the hot spots, to new bohemian neighborhoods that are about to explode with hip businesses. But no matter what kind of lifestyle or neighborhood you want, if you can focus your search on the streets or areas that are most popular, you will find that your property value rises continuously—sometimes dramatically.
2. Look for quality building materials – Within any given neighborhood, there will be a wide variance in the quality of building materials, craftsmanship, and fixtures. Remember that higher-end building materials are a good sign not only of a home's durability, but also of its lasting appeal. For example, cedar siding doesn't just look better than aluminum, it will also draw more buyers and be a major selling point when you put the house on the market. Similarly, kitchens with real granite counters or hardwood fixtures will catch future buyers' interest, regardless of current trends.
3. Smaller and nicer is better than bigger and cheaper – Many buyers make the mistake of looking for the biggest house in their price range. Unfortunately, this often means the lowest quality house in your range, too. As long as a home is not too small for you to live in, sacrificing square footage to get a better location or a more beautiful or well-designed structure is generally a plus (and your energy bills will also be lower). This may allow you to go up a level in terms of how nice the house is, and there will never be a shortage of couples or new families looking for smaller homes.
4. Look above and below your price range – It's good to stick to a budget when buying a house, but don't stick to it too closely. Looking outside of your range can yield some surprising finds, and will also give you a better sense of the market overall and what will appreciate well.
What would your Charleston dream house be like? What neighborhood would it be in?