If building wealth with real estate is your goal, selecting the actual property is almost more difficult than selecting the location. You must first decide whether you are purchasing to remodel or to custom build a new home. A subset of this thought process is recognizing your use for the finished product. Does your strategy for building wealth dictate a buy and hold for rent scenario? Or is your goal simply to reside in the home?
If you are like most people, while you may have an interest in building wealth with real estate, your primary goal is most likely living in the home upon completion. This being the case, you must next decide how important building wealth with real estate is to you. Specifically, do you have a short or long term strategy for building wealth with real estate? How long you plan to stay in the home determines this for you as a general rule!
If your horizon for living in the home is short term, five years or less, deciding what property to select, in this instance, is pretty much the same process as with the “buy and hold” scenario. Whether you are buying to remodel or to build a new custom home, select an interior lot property, not a corner location. Why? Interior lots are more private and typically provide a larger building envelope. Statistically, such lots have greater appreciation, which is better for building wealth.
An even more important strategy, though, is to pick an interior lot in a very stable neighborhood where the majority of homes are owner occupied and reflect pride of ownership.
I had a great experience working with Steve and CityScape. I put money down in October 2014 and closed in May 2015. Steve allowed me to customize details significantly and worked hard to involve me in the process. He was creative in problem solving and always had great suggestions. I would certainly consider another property built by CityScape. Alex. Houston, TX