Posted on: 9 July 2018
With the real estate market heating up this summer, you might notice that there are more homes for sale in your area than ever before. If you're in the market for a single family home in the South, you should consider refining your search to homes with features that are likely to appreciate for decades to come.
Here are the features worth paying for when looking for a family home in the South.
Location, Location, Location
This isn't a very new or novel suggestion. Where your home is located can have a drastic impact on the market value of your home. However, when you're considering location as a major buying point you need to plug in more than just a zip code into your thinking.
- Schools: Good schools maintain and increase home values like few other location-based features. However, in the south, many school districts are "choice" districts. This means that students can opt to attend whatever school has an opening for them. When considering a home located near a relatively new school, particularly a charter or magnet school, you're likely to see the biggest bump in home value. These school, however, may not have the staying power of traditional public or private schools.
- New Retail: Buying a home in the south is often about buying near new developments. In particular, new retail space developments can indicate an area with growing property values. If you can buy a home near a new upscale grocery store (Publix, Trader Joes, etc.), your home is likely to increase in value consistently in the future.
The South's mild winters and brutally oppressive summers create unique outdoor space needs. When you're looking for a family home in the South, it's important to consider how the outdoor features you're buying into might appeal to future home buyers.
- Pools: Having an outdoor pool can be a great selling point, but it can also be a major drawback. Few home owners want to take on the burden of renovating a dated and dilapidated pool. If you're considering purchasing a family home with a pool it's important to have the pool inspected by a pool specialist. They will be able to tell you if the pool you're potentially buying will be a sound investment.
- Lake Access: Many homes in the South are located on or near ponds and lakes. Although this lakefront access can be aesthetic selling point, they can also pose flooding issues. Before you invest in a family home on a lake, be sure to consult the local flood plain data and contact a home insurance agent about the property.