Just as the housing market triggered the 2008 recession, its resurgence is a sign of better economic times. When people are financially secure and feel comfortable investing in a home, the economy responds. And because those purchases spur further economic growth, the housing market is both an indicator and a component of a growing economy.
As is usually the case, the economic expansion of recent years has been centered in some high-growth areas. The result has been classic economics: Demand is higher than supply, so prices are going up. Sometimes, they are going way up.
Fortunately, buyers are comfortable with that. They don’t mind spending money that they have on a house that they want in an economy that they trust. But they’re also going to make sure that investment is protected. They’re going to great lengths to protect their new purchase from the most significant threats to their investment.
Protection Against Security Threats
The first two things we typically think of as threats to our homes are fire and theft. Both of these events can cost us thousands of dollars in just minutes or worse, so we want to do everything we can to protect our homes and our families from them.
That’s what makes a reliable Home Security plan so important to today’s heavily-invested homeowners. They want every available protection from crime and fires that they can possibly get, and they understand the importance of having an alarm system that can carry on that duty 24 hours a day, 365 days a year, whether anyone is home or not.
Should a fire take place, the system will quickly and automatically call for help, improving the fire department’s response time and minimizing the damage from the fire. Should a burglary be attempted, the system may not only deter the thief but could also aid in apprehension by reducing the time needed for police to arrive.
Protection From Natural Threats
Perhaps the next most worrisome thing for homeowners is natural threats like water leaks and insects. Most of us know someone who has had a nightmarish experience with termites, one that led to a lot of expense to repair damage and to manage the threat of a recurrence.
An ounce of prevention really is worth a pound of cure. Things like flooding, hurricanes, and other weather-related issues are common in some of the nation’s hottest housing markets, and homeowners want to know before they buy that they are protected. They want to know if wildfires, floods, tornadoes, or other weather-related events are a threat, and if so, they want to know how to mitigate them.
They also want to know how to manage threats from insects and even larger invaders like mice and birds. These pests may seem minor but they can trigger larger problems if left untreated. A small opening made by a mouse can permit insect invasions, water leaks, and countless other damaging events.
Protection From Economic Threats
A home is simultaneously a practical thing and a sentimental thing. It provides shelter and stores our belongings, but it also is where we raise our children and build memories with family and friends.
But there’s a third component as well. A home is an investment, and while some people never sell, others make the purchase with the intent of doing just that. As a result, they are highly focused on making sure that outside factors don’t undermine its value.
For that reason, the world of property value protection has grown. Neighborhoods are developed with deed restrictions that go even further than local zoning laws, ensuring that the home two doors down can’t be modified in a way that hurts the value of your home. These restrictions cover things like home size, the distance a house is set back from the street, the number of vehicles allowed on the property, and so forth. The more people pay for houses, the more important these protections will be, so expect to see growth in this area.
A home is an investment, even for those who never plan to sell. Making sure that money is protected and given a means to grow is critical before you buy, and it is even more important when the price tag has been increased by economic growth. Only then can buyers bid with confidence.