What makes a home valuable?
This is the most subjective question that can be asked of anyone in the real estate industry and one that I am personally always happy to answer.
Obviously the answer is ‘it depends,’ but what really matters is understanding what it depends on. And the answer to that will vary across buyers and homes alike.
The purchase of a Bay River home is an expression of self. Clearly we all want to make a decision that is both smart and financially rewarding; however, we ultimately want to be excited when we come down the driveway and see our home away from home.
The agents at Bay Properties have worked with countless buyers, and the general consensus is that the best buyers are the ones who are the most self-aware. That is to say, the best buyers know not only what they are looking for, but why.
Ask the ‘Big Why?’ Before You Buy
When a buyer is struggling with their decision, it generally comes from a lack of vision or defined purpose.
Are you trying to find a peaceful place of isolation or is it for a growing family? Do you want to be on big water? Or a creek? Do you want a weekend getaway or do you plan on spending the majority of your time there? Is the commute important? Or proximity to a supermarket and restaurants? Is it an escape or for entertainment? Is the view the main thing? Or is it boating? Or fishing?
Everyone wants something a little different and it is up to the buyer — and their agent — to have an honest dialogue around purpose. Once the purpose becomes clear, making a decision becomes far easier.
Be Comfortable with Being a Little Uncomfortable
Being unsure about what type of home you are looking to invest in is perfectly normal. Every market is different, whether in a big city or the slower paced villages that populate our region. So no one has perfect knowledge when they get started.
Pricing is a subtle thing, especially along the waterways of the Chesapeake Bay, and thus the tools that work in bigger cities (Zillow, Trulia, tax assessments) are not nearly as effective here. As a result, we have seen many buyers struggle with valuations. Don’t worry though, everyone struggles to make sense of the nuance — it is why a good agent is so important here.
In essence, buyers need to spend time questioning their reasoning, questioning the data and looking at different style homes before ever pulling the trigger. Emotion is part of the home buying process, but an emotional decision rarely works out in the long run.
When you do your homework, knowing what to do is easy and stress free once the correct opportunity emerges.
Try to understand exactly why you want to purchase a second home and how you are going to benefit from it. Be honest with yourself and don’t be afraid to take a long hard look in the mirror. Starting the process confidently and with an understanding of what you want means a more defined search and a better recipe for success.