Over time, the worth of a home will go up and down.
Typically, house values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll make a bigger profit when you sell.
Property values in Dunedin change for numerous reasons, so how can you be sure what you're buying now won't depreciate the day after you close?
Choosing an agent in Dunedin who is familiar with the factors that affect local prices is the most important factor to consider.
Many assume that the economy is the biggest factor affecting real estate appreciation.
Obviously,
there are many issues on a national level that affect your property's value: unemployment, interest rates, the stock market, and more.
However, your home's value and the features that play the biggest role in its appreciation are specific to the local Dunedin economy and housing market.
Access to services - Most people want homes in the areas with the most useful amenities, like our jobs and schools.
So these regions generally appreciate, or carry their value, best.
Recent sales - Your agent should provide you with information on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is considered?
Local economy - Is there a nice mix of job types in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a part.