I’m Rich and I welcome you on my personal space on the Internet. I created this blog with a single purpose – to inspire you to take charge of your money and help you become a financially successful and independent person.
Believe it or not, when you look for a house, it’s not just the idea of a house that helps you make that decision, but the minutiae of what that particular house brings. This is otherwise known as value. Of course, that sounds extremely patronizing, as we all learn this fact when we’re children. However, it’s best to repeat it, loud and proud, because this targeted purpose can often help us keep on track when we hope to move hope.
People choose to move homes for many different reasons. They might wish for a higher standard of living, they may move for opportunities or to settle down. They might move for a love interest, a family, or perhaps to network for their new position. Factoring in value when moving house, then, is not a singular pursuit, but a textured and cohesive necessity depending on the opportunities and potentials afforded to each and every person.
For that reason, let us consider both the obvious and hidden value you might look for when searching for any home. If you can achieve this, you’ll be surprised at how the housing market orients itself to your wishes:
Evaluating Similar Properties
When evaluating a certain property for its potential value, you might consider just what the best markers to use here are. Well, if you’re not proactive in finding out more about the area, you won’t know if this is a good deal or not. For example, it might be that the property owns a little extra land, and this land is desirable, meaning that this house price is way higher than the actual average in the area. This means that the actual property itself might be high value, but if you do not intend to use the land and live in a worse area than you could have afforded, this might be a bad decision.
It’s important to factor in every single matter when choosing a property, and then to run those results past your own needs several times. Comparing similar properties nearby can help you do that. Look for house listings with different realtors in the area, or potentially look at listings for sold houses (you can often find property listing archives online fairly easily, specifically if you search for a specific address online.) If you can do this, it might be that you can remain a little more discerning with your output. And of course, it’s not hard to see how that might remain beneficial for you and your partner.
Some don’t mind putting in a little extra effort, such as enduring a longer commute, if it means they can own a fantastic home in a better area. However, that’s not to say convenience is something you should disregard entirely, nor should you forgot just how many forms it can take. For example, convenience to one person might mean enough driveways space to park comfortably and securely. Perhaps they wish to live in a rural-ish area and continually use trailers, small farm machinery or 4×4 vehicles to get to land at the rear of the property. This is a personal convenience that will need to be prioritized.
To others, simply being near a solid transport hub is a convenience, especially if they have mobility issues of some kind. Proximity to family, friends, a new job, or even just being in an area of opportunity can all be worthwhile. On top of that, managing your value expectations can be a great idea. A certain family might think it normal to choose a smaller home provided they can remain closer to the inner-city, for example, while another may want the opposite of that. Is either family ‘wrong?’ Of course not, provided they can afford the mortgage of their chosen option.
Your Own Value
There are some who do not wish to compromise, or, if they have to, wish to compromise their way. Often, these head-strong folks will choose to construct their own properties. This can be done if they own the deeds to land and have been approved by their local housing authority. There are many reasons why someone might wish to do this. Perhaps they have experience in the trades and wish to ply their hand when creating their own home. Perhaps they simply wish to make their own self-sufficient lifestyle, and know they need something custom for that. Perhaps some are just in love with the romanticism of it. Maybe, through professional granny flat builders, they hope to construct a small retirement home to enjoy, investing in that now so they aren’t held back by a mortgage for the rest of their lifetime.
These people will have accurately and adequately chased their own value when it comes to the housing market, and for that, they should be applauded. But you needn’t construct your own home in order to ‘win’ the advice given in this article. Some might consider purchasing a run-down home for cheap as a passion project, rectifying it through their own taste until it is liveable. Some might simply purchase a project knowing that in five to ten years, they hope to extend it when new members of the family start to arrive.
Some might wish for certain specialist needs. For example, it might be they want to run their own farm shop from a converted barn. Perhaps implementing a store front and a small living area behind it is enough for said person, as they need little to feel actualized provided this lifestyle is accounted for.
All of this boils down to the simple need to stamp our mark and intent on the property we look for. Sometimes, it can be work the reinvestment efforts to get it there, so think more laterally when searching for a property. For example, you might be in the process of looking for a home for your family. You notice that it has one less bedroom than you desire, but the master bedroom is massive. Could this space be split into two rooms, giving you the property you need in the future for a fraction of the cost today, and a little extra work to be done? It depends on how patient you are, how much time you have for this process and how much the cost or savings matters to you. But at the end of the day, it depends on what you hope to achieve.
Some value cannot be measured in bricks and mortar, inches and pounds. It must be considered in terms of our lived experience, and what we hope to achieve there. For example, it might be that you have a deep lifelong interest in martial arts, and it just happens that within driving distance of your new home selection is the pre-eminent and best martial arts school in the country. Perhaps the internet is much better, and those speeds matter for your consistent content upload schedule. Perhaps you’re just looking for an area with more retirees so you feel less alone without peers in your current environment. Also – just wanting a fresh start somewhere hardly anyone knows your name can be a valid reason too. It’s fine.
As long as you know your emotive value isn’t just a rash decision pushing you into taking a housing contract, then you’re going to have a decent time. It doesn’t matter how, when, where or why you decide on this emotive sets of value – what matters is how you regard them when putting them under the microscope, seeing if this value is the value you need in the long term.
Of course, most of us know that a home isn’t simply a toy or something we purchase on a whim. It is an investment. It is an asset. That is why you might spend years upon years paying off your loan. You know that once you own the home, you have value in your pocket. It is worthwhile. For that reason, your investment is essential to consider. How might house prices look in said area in ten years? If you purchase a home right near where new corporate investment is taking place, for example, it might improve your house price, but at the same time place extremely harsh zoning laws on your home which might limit your potential for an extension etc.
Your investment can become molded in so many different ways it’s important to try and factor everything in. For example, if you move to an area with a 10% higher chance of experiencing home-striking tornados, there’s always that risk that your home is going to be a much more costly belonging than you think it will be. Of course, an investment isn’t only in terms of your finances. It also matters the enjoyment, the peace, the security you get from the years you live there. To this extent, you might not care about the resale value, provided you get the life you want to live.
With this in mind, you’ll likely factor in value when moving house to a much higher degree.