Hey guys, Troy here with Troy Talks. And today I’m going to talk about traditional real estate. And today’s topic is always think about selling when you’re buying a home, because even our forever homes are not always forever and things change. And I’ve been in this business long enough to see that if people didn’t think about a change in two, three, four or five years, or just a change at all, that sometimes these things will come back to bite us. And so the things that I always tell a buyer to look for when you’re buying a home is try to find a property that most people would like.
So things that I try to stay away from or advise people to stay away from, or if you’re going to buy and get a considerable discount so that you have margin in your resale to be able to get out of a property. Because I’ve seen people over the years that we buy a home and then get stuck in them because we paid too much or there are some factors making it very difficult to sell. So one of those things would be like a railroad track and maybe you just absolutely love trains. Don’t buy a home that’s on a railroad track because one day you’re going to want to sell. And that railroad track, not very many other people are going to like, and it’s going to cost you a value. Or again, if you buy a home on a railroad track, make sure you get enough discount so that when it’s time to get out of that, that you’ve already factored that in.
Another thing would be neighboring an alley. So if your home is right next to the entrance on the alley, that’s not going to have the same value as another property that does not neighbor the alley. Living on a busy road. So every time you got to leave your home, you got to fight with traffic during traffic hours. That’s going to devalue your property and how much that devalues is always a question. So, for the sake of just an example, let’s just say a $200,000 home and you have a neighborhood and there’s two or three, $200,000 homes. And in that neighborhood, these homes don’t have a railroad track or alley or, the driveway doesn’t back right up to a busy road. Those homes are selling for 200,000. The home that has these things against it, could be as low as $150,000. So it’s quite drastic what it’ll affect that value of saying I love the home, but I just don’t want that one thing, that it’s going to have to be down enough to be a good deal that somebody says I’m willing to overlook it.
Neighboring a business is another one. Just always look and see, is there anything negative that’s affecting that property that one day when you go to sell, you don’t want to have that affecting you? And then the last thing I’ll talk about that I’ve seen come up and bite people is cities will do assessments. Those assessments then assess to the tax and then the buyer becomes responsible for it. Just know what’s going on. And the title companies will do a search, but sometimes future assessments don’t show up. So anytime you go to buy a property, it’s always a good idea to call the city and the county and just see, is there any upcoming work or anything going on in my area that’s going to be assessed to me? And that way, you know what’s going on. Most of the time, it won’t, but that one time it saves you at least, you know what’s going on and it may give you a chance to do another negotiation. Or maybe it’s just something that is just way over to top and not something that you want to be involved in.
So that’s what I got for you guys on this Troy Talks. Again, always think about selling when you’re buying. Take care.