Top Factors to Consider When Purchasing a Home in 2024

Credit: Style My Soul, www.stylemysoul.com | Family Home Purchases

When it comes to the significant investment of purchasing a home in 2024, Style My Soul asked professionals to dispense tips for consideration. From the importance of considering resale value and growth to planning for short-term needs and ignoring rates, these real estate experts share their top considerations to guide your home-buying journey.

Consider Resale Value and Growth
Future resale value and community growth potential are key considerations when buying a home in 2024. We’ve bought over 1,200 properties, and I can tell you that homes in areas with strong economic indicators and planned developments often appreciate faster, providing better long-term value for families. - Carl Fanaro, President, NOLA Buys Houses

Prioritize Safety and Schools
Safety and schools are absolutely crucial when buying a home in 2024. We’ve seen families thrive in neighborhoods with low crime rates and top-notch educational facilities nearby. We’ve helped countless clients find their dream homes by prioritizing these factors, ensuring a secure and nurturing environment for their loved ones.
- Jacob Hale, Lead Acquisitions Specialist, OKC Property Buyers

Access to Parks and Resources
Families should really consider access to parks and community resources when buying a home in 2024. We’ve revitalized numerous Dallas neighborhoods, and I’ve seen firsthand how proximity to green spaces and local amenities can dramatically improve quality of life. Nothing beats seeing kids playing in nearby parks or families enjoying community events right in their own neighborhood — it’s what makes a house truly feel like home. - Lance Doty, Owner, Home Buying Guys

Location and Green Features Matter
As someone with over 30 years of experience in commercial real estate, I would say the top two things for buyers to consider in 2024 are: Location and zoning. Before purchasing any property, review how the local government plans to develop surrounding infrastructure and demographics. A property in a developing area with new transport links or a growing population offers significant long-term value. Check zoning laws to ensure your intended use is permitted and will not face regulations that reduce functionality or appeal.
Green features. Energy-efficient and eco-friendly properties are increasingly in demand. Installations like solar panels or non-toxic building materials make a property appealing to environmentally conscious buyers and cut operational costs, ensuring higher resale value. Sustainable real estate is projected to become the industry standard, so investing in a building already equipped with green upgrades future-proofs your asset. - Joe Stance, Owner, Stance Commercial Real Estate

Assess Market Trends and Energy Efficiency
There are two critical factors to consider: market trends and energy efficiency. First, market trends are crucial. Real estate markets can fluctuate based on economic conditions, interest rates, and local developments. In 2024, it’s essential to research current market conditions in the area where you plan to buy. Look at trends in home prices, inventory levels, and neighborhood growth. Understanding these trends will help you make an informed decision and avoid overpaying for a property. Second, energy efficiency is increasingly important. With rising energy costs and growing environmental awareness, homes with better energy efficiency ratings can offer long-term savings and a smaller carbon footprint. Look for properties with modern insulation, energy-efficient windows, and updated heating and cooling systems. Check if the home has green certifications or energy-efficient appliances. These features not only contribute to lower utility bills but also enhance the property’s value and appeal. - John Gluch, Owner, Gluch Group

Property Condition and Renovation Potential
When purchasing a home in 2024, carefully evaluate the property’s condition and potential for renovation or upgrades. As an investor myself, I’ve learned that homes with good bones but outdated features can be gold mines for buyers willing to put in some work — just make sure you factor in the cost of any necessary improvements to your budget before making an offer!
- Liz Hutz, Owner, Liz Buys Houses

Focus on Infrastructure and Layout
As an owner of a general contracting firm, the top two considerations I always advise homeowners to focus on are infrastructure and layout. Infrastructure refers to a home’s foundation, framing, plumbing, electrical, and heating/cooling systems. These core components significantly impact comfort, maintenance costs, and resale value. During renovations, it’s best to upgrade infrastructure for maximum efficiency and longevity. For example, we recently helped a client install a geothermal HVAC system, which lowered their energy bills by over 50% and qualified for tax incentives.
A home’s layout and floor plan are also key. An open-concept space may be trendy but not ideal for all lifestyles. Consider how you live now and may live in the future. For growing families, a finished basement provides versatile space that can transition as needs change. For empty nesters, a main-floor master suite eliminates the need for stairs while maximizing natural light. Think about flow, storage, and how rooms connect. Minor tweaks to a layout can dramatically improve functionality at a fraction of the cost of an addition.
In summary, a home’s infrastructure and layout are foundational to comfort and costs. Focus on high-performance, sustainable materials and a floor plan custom to your needs. These factors significantly impact your experience of a home, not just now but for years to come. Choose wisely, and you’ll reap the rewards. - Brayden Montgomery, Owner, Vantage Builders

Understand Full Financial Obligations
One of the most important things to consider when purchasing a home is having a true understanding of the entire financial obligation you are making: the mortgage itself, taxes you may be accruing, any MPI you may be paying, HOA dues you may be obligated to make, not to mention the expenses associated with owning a home. The second thing to strongly consider is the entire list of “must-haves” and “like-to-haves” and how you will prioritize these. But, more importantly, not compromising. When you say that something is a “must-have,” how can you justify excluding that item?
- James Vachon, REALTOR® / Broker, F.C. Tucker Company

Plan for Short-Term Needs, Ignore Rates
I was asked by my clients to make sure they understand what their short-term needs are for housing. Too many people plan decades down the road and wind up in a house that doesn’t work for them. The second thing is that we marry the home, not the rate, meaning don’t get tied up in today’s interest rates because they will change. It is more important to find a home that works for you and your family. - Jason Beattie, Realtor, eXp Realty

Criteria and Feel Are Essential
The top two things to consider when purchasing a home in 2024 are criteria and feel. What I mean by criteria is, does it fit your needs? Does it have the practicality aspect? For example, I was helping a young couple that needed a primary bedroom, a guest room, and room for a home office. Without those necessities, they wouldn’t be able to live comfortably in the home. Despite plenty of two-bedroom homes being more affordable and looking great in photos, living there would have made life more difficult, instead of easier for them.
The second is the “feel.” There are plenty of homes that will meet the specs you are looking for, but how do you feel when you step inside? What about when you pull into the neighborhood? That warm feeling of “home” is irreplaceable in the right place and will make all the time, energy, and money you put in so worth it! - Lindsey Pearlstein Smith, REALTOR, Bramlett Residential