Thursday, April 29, 2010

Long-Term or Short-Term Arizona Homes: What’s Your Priority?

People have their own reasons for purchasing their homes, but you can usually boil down these reasons into two main categories: long-term or short-term plans.

If you are looking to own a home for you and your family to live in, then you would definitely want to look at the long-term properties of a home. If you are simply looking for a home to sell or to occupy for a short time, then you would be most interested in the short-term values of a house and lot.

But what exactly is the difference between long-term and short-term plans for real estate?

Long-Term Plans – Maintenance and Management
There are homeowners that buy a house and lot with the full intent of living in it for a very long period of time. Many such homeowners plan to raise a family in these homes, grow old in them, retire and reside in these houses to their dying day.

If this is what you want in your home, then you have to focus on managing and maintaining the house.

If you are unable to buy your home through straight cash, then the least you can do is find a mortgage plan with steady and predictable interest rates. This allows you to better manage your finances to prevent foreclosure; allowing you to make the most of your home without having to sacrifice it.

You also need to be very specific about maintaining the condition of your home. Having it regularly inspected every five or so years will help you spot any structural and internal problems before they become serious. This will allow you to take preemptive measure to protect your home.

Oh, and don’t forget to pay your taxes. Failure to do so will result in the state seizing your property, so make sure that you put aside some extra money during tax season.

Short-Term Plans – Monitoring and Marketing
If you are looking to profit from real estate, then you will want to monitor the prices of properties as well as market your own property. You will need to maximize the profitability of your home, which means cutting down on expenses while selling at the highest possible price.

This is a bit, trickier than long-term planning, but can prove to be lucrative if you know how to work the market.

For starters, you should look for properties that are being sold for less than their actual value. Foreclosures are still plentiful in the current market, so snap those up as soon as you can.

You also need to keep a sharp eye on the price of nearby properties. Most properties in Arizona tend to rise in value over time, but there are some properties that are more valuable than others. Find these properties and invest in them.

One thing you can do to increase the value of is to make it look great. A little décor, a fresh coat of paint and a new lawn can go a long way in greatly increasing the value of your property. You can even hire professionals to dress up your home if you prefer things that way.


Keep these pointers in mind, and you will be able to reach your goals – whether they are short or long-term ones.