Making homeownership worth your whileMany first-time buyers often get overwhelmed by the home buying process such that they opt to rush through the process. However, doing so causes them to overlook their homes as investments, and they lose out as a result.

Browsing through the impressive Donnybrook real estate for sale, you might have a hard time coming to a decision. The builders often outdo themselves, creating elegant masterpieces straight out of celebrity homes magazines. If the process of shopping for a home threatens to overwhelm you, take a step back and rethink the process.

Getting all caught up in the buying frenzy is a what gets many home buyers into a bucket load of trouble. It leads you to glaze over the critical details that end up costing you a fortune in costs. But you won’t fall victim if you bear a few crucial insights in mind.

It all comes down to the lot

Most people get caught in the picking the most beautiful house that they ignore one salient factor in the real estate business – the lot. If your search if down to two houses, get the one on a bigger lot. Surprisingly, the lot is more valuable than the home.

Unlike the house, the value of the lot appreciates with time, making it the most valuable asset you have. If you’re looking to increase your wealth, you need to pick an investment with the highest potential.

Pick the lesser house

It would be nice to own the best home on the block and have everyone in the street stopping to stare. Well, that is good for your street cred but it not good for your wealth build efforts. For starters, the asking prices will be higher, often too high for that neighbourhood. Even when you keep it in great shape, the home’s value will appreciate slowly, if at all.

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In the real estate sector, the value of a home is not decided in isolations; it’s pegged on the neighbouring properties.  If fewer homes surround you, the value of the home is unlikely to go up. You would have a hard time recouping your investment when selling it later. If the house is magnificent, no one will buy it only to tear it down for the lot.

There’s much more to your dream home that just a play to lay your head at night or raise your broods. If you’re going to shed top dollars for it, you might as well get on likely to appreciate in value.