It’s important to focus on upgrading property value for the same reason it’s important to keep working. A dollar today is not worth what it was even ten years ago, let alone fifty. The same trend will likely inflate money as time goes by. What this means is that a property worth $100k when you bought it, and worth $500k today, may actually have declined in value because of the buying power of the dollar.
You don’t know where inflation will take property values, and you can’t pick up and move your home if the neighborhood goes bad. This is why it makes sense to sit down and figure out where you can optimize your property such that it maintains value regardless of inflating property/monetary rates.
It’s a good idea to make at least one upgrade a year—you don’t have to go too “fancy” or “complicated” with it, either. Your upgrade could simply be the addition of a new stylish lighting fixture to the front of your home.
Businesses like Lantern & Scroll: Electric & Gas Lighting | Copper & Brass, offer a: “…core collection of lanterns [that] feature period reproductions of lighting manufactured in the Carolina and Charleston lantern style.” Such stylish lighting solutions can really add an aura of elegance to your property that makes it salable at a higher price when selling time is near.
Rental, Or Ownership?
But residential living need not be confined to property you own; rental solutions also provide some fine residential options—and it’s possible to outright buy apartments as well. You can find more details here; and according to the site: “Eastown is situated in a prime location, right in the center of Hollywood. …. Explore the area and see why so many are dying to call Eastown their new home!”
As a matter of fact, it actually can make a lot of sense to live residentially in a non-permanent way. This is especially true if you’re unable to find the kind of property you prefer in a neighborhood that will appreciate in value. Still, you can always sell your mortgage if things get rough. It’s just that the process may take longer in worse neighborhoods.
What you need to remember is that unless you stay on top of things, value will decline with time. There’s not a lot of good upgrading an apartment because you don’t own it, so you’re literally wasting money. It’s not like your landlord is going to give you a month free of rent because you redo the backyard deck—though that’s not without the bounds of possibility. Still, you don’t own the alterations, so you have no claim on them realistically.
If you’re going to upgrade the premises of your home, you want to own it. And if you own it, you want to upgrade it. The two go together like lungs and air.
What you might do is start out slow by renting a home until you have the assets to buy—but again, you’re just flushing money down the drain whenever you rent. If you pay a mortgage, at the very least you’re paying toward your own ownership of the property. Additionally, it’s possible to sell a mortgage you’re in the middle of and see some money come back to you.
Whatever you decide to do in a residential sense, you need to ensure that you’re thinking about the long-term. In the long-term, that which isn’t maintained implodes into itself. So have a forward-looking mindset which understands the reality, and is willing to do the work necessary for preferable outcomes.