How Much Should You Spend on a Domain Name?
When it comes time for you to buy a domain name then you might wonder how much money you should spend on it. Unfortunately there is no clear answer that will apply to everyone because it depends on many different factors that vary from one use and need to another.
One of the biggest factors that will play a big role in determining what the amount of money that you should spend for a domain name will be is what exactly the intended use of the domain is and what plans you currently have for it and what you may use it for in the future.
Some other factors that will play a role in how important having a good quality domain is are how you will be getting the traffic for your website or blog, what kind of image you want to present, how long you are planning on using the domain, whether or not the domain will be used as an asset with value, strictly for a business or personal use as well as several other factors that depend on specific use needs for each person or business.
If you are simply wanting to create a simple website or blog for personal use and that will be for fun mostly then you can get away with just buying a domain that is available for the registration fee for that given domain and its extension or perhaps buying an inexpensive domain form a domain name marketplace like sedo.com or flippa.com.
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In this case you will more than likely not be getting any kind of domain that is considered a high quality / high value domain because all of the good domains that are in the more valuable sphere are most likely already registered to someone else.
However, if you are more serious about your success or if the domain will be used for some kind of business use or for a company website or blog then getting a good domain name that will be helpful to your success and an asset will cost a premium price.
A premium quality domain name will cost you anywhere from a few thousand dollars to tens or even hundreds of thousands of dollars and up. It all depends on exactly how good the domain name is and what kind of a deal you can find and negotiate with the current owner of the domain.
A general rule of thumb is that you should always try to buy the best domain that your budget will allow for and not try to skimp because you may find out later that you need or want to get a better domain and that will cost you a lot more in time, money, possible rankings loses as well as in other important costs that may come into play.
Another key thing to consider is whether or not you want a .com domain name. Many years ago it was an absolute must to have a .com domain because there was a vast amount of type in traffic (where people typed in the domain name for a site instead of clicking links) but these days having a .com domain is not an absolute must if you will be getting the majority of the traffic (for more on website traffic, read THIS) for your website or blog through online clicks through search results, links or advertisements online.
(If you want to register a domain name we recommend Namecheap)
The reason a .com domain was so important in the past was because if someone heard of or was told about a website then when they later went to type in the website’s domain they would type in “.com” at the end by default / habit since most websites were built on .com domains years ago.
These days since most websites get the most of their traffic by clicking somewhere it really doesn’t matter as much if the site is using the .com domain name extension.
With this in mind, if it is appropriate, then using one of the newer domain extensions that is appropriate to what the website or blog is about will be just fine.
As an example, if you were a used car lot then having “cars.com” would be awesome, but since that name is long gone (and is an ultra-premium valued domain) having something like “usedcar.market” would be a good alternative that could be available really inexpensively and is appropriate to what the site is for.
If you are not expecting most of your website visitors to come to your site by typing in the domain name in then using an alternative domain extension other than the more common .com, .net and so on, can be a great option and is more budget friendly.
CONCLUSION
The bottom line is that you should never underestimate the value of a good quality domain name and how it can impact the success of your website, blog of business.
Always try to get the best domain that you have a budget for and don’t try to just get something that you can get by with because you will more than likely just have headaches and added costs to deal with later on down the line.
It’s always best to do some research or even ask an experienced domain name specialist for assistance, information and guidance if you need it as this will surely pay dividends for you and will help you achieve the greatest level of success for your domain needs.
There are also many domain name forums out there that you can check out to learn more about domains and what might be best for your specific needs.
Good luck and may you reach the Apex in your Niche!
(For more info on choosing the right domain, read THIS)