In today's real estate market, being conservative is a fact of life. The market hasn't stabilized yet. Houses will not automatically appreciate every few months and not every house is a solid investment.
Buying a house can still be a good investment; however, keeping things in perspective are now more important than ever. These things that should be kept in mind are: the location of the house, the price of the house, and what you have to do to renovate the house. Having a good location is and always will be the most important factor in buying a house.
The price of the house is more of a current problem because house prices have been so inflated in the last few years. Because of inflated prices, the average home buyer does not know what a good price should be. So it is important to have a good realtor and knowledge of where prices are going.
I would guess 25% of the realtors might understand pricing while the rest are just trying to make a living. If you get past these first two aspects of home buying, then you can move onto the third. What work has to be done to the house? The kitchen is, and always will be, the focal point of any house. Nine out of ten buyers will list a kitchen as the most important feature. Since home appreciation isn't guaranteed in today's market, the only way to add value is by upgrading parts of your home.
Normally spending twenty thousand dollars and up on a kitchen renovation was typical. The majority of that expense was kitchen cabinets. With new materials, and higher quality products on the market, it is easy to add a lot of value to your home by renovating the kitchen.
It is not unrealistic to expect to get twice as much in added value as you would put in. The key is to find good materials, that add warmth and richness to your home, but don't cost a fortune. So getting the right house is a little more difficult these days, but once you have that house the next move is being smart about your renovations. Focus on the kitchen to add the most value for your money, and be smart about the materials you choose.
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