Bungalows Pack A Big Punch, But What Does The Right Bungalow Investment Really Look Like?
Bungalows, especially found in areas like Southern California, Seattle, and beyond, are perhaps one of America’s best-loved housing secrets. Despite not necessarily offering quite the same scope as a two or even three-floor house with plenty of room to boast, bungalows are certainly affordable and tempting options for homeowners at least looking to invest in a fantastic first-home or a viable retirement property.
If you’re interested in the bungalow lifestyle then you certainly won’t be disappointed when you take even a brief glimpse at homes for sale in your area of choice. American real estate certainly has plenty of fantastic bungalows on offer. That said, just as with any property purchase, making sure that this is a wise investment in the first place also comes down to crucial considerations that we’re going to discuss here.
Consider resale value
Just as you would with any other property, it’s first essential to consider the resale value of a bungalow. After all, even if you’re mortgage-free, selling a particularly reasonable bungalow is unlikely to afford you a substantial property in the future. Instead, it’s typically worth avoiding areas where the vast majority of properties are bungalows in place of locations with at least a range of properties to ensure extra appeal during resale. Make sure, too, that you consider the population in any given location to guarantee that you’re easily able to sell later on. For example, quieter areas that appeal to an older audience are far more likely to sell well than bungalows in already popular areas among younger crowds.
Make sure it suits your needs
As great as they can be, bungalows don’t offer the same room that other properties might. As such, it’s essential to make sure that a property like this truly does offer the space and requirements that you need. Making sure that a bungalow offers enough storage, or at least has the potential to do so, is especially essential for guaranteeing that you don’t end up feeling claustrophobic. Ensuring that your bungalow is large enough to grow with your family needs as you require is also fundamental for ensuring that an investment like this has the staying power to truly make the money you’re spending here worthwhile.
Consider extension potential
To some extent, it’s also worth considering whether a bungalow has renovation potential should you require it. After all, even if a bungalow looks like it fits your lifestyle now, growing families and increasing belongings could soon see such properties failing to meet your needs. Worse, bungalows that often have smaller outside spaces aren’t always great for enhancements later on. As such, if you imagine yourself requiring a family or planning to add more to a bungalow down the line, then you’re going to want to ensure that properties like these have the space necessary to truly grow.
Bungalows can be a fantastic way to either start out on the housing market or to downsize in later life. Just make sure you’re buying bungalows right by keeping these pointers in mind!