Whether it’s a first home or the next home, most home buyers anticipate moving to a different house eventually. Because of this reality, a property’s resale value should be an important aspect in the decision-making process. While the location of a home obviously has an impact on its resale value, as local markets can change from block to block let alone city to city, there are others dimensions of a home which can affect its resale value when it is finally time to sell it. Some features which may be desirable to some will be unappealing to others. When the point is to purchase a house that will be capable of attracting a new owner in the future, knowing what features will increase or decrease its marketability is crucial. Here are some things to think about when choosing which specific home to buy.
A Home With a View. Homes with a pleasant view often sell at a premium above similar homes without the pretty backdrop. Though some people may place a dollar value on what the home’s surroundings look like, future buyers may not be willing to pay extra for it. Additionally, unless the scenic areas are part of the property, a beautiful view cannot be guaranteed: what if the area is changed by developers? Having a scenic view is strictly for pleasure and should not be considered an investment.
Lot. Though most of a property’s estimated value is concentrated in the structures, the lot itself is also important. Assuming the property is in a typical neighborhood, the lot should be rectangular and not oddly shaped or awkwardly situated. Though modern homes tend to have smaller lots than older homes, there should still be a reasonably sized front and back yard. Do not buy a house with a too small or non-existent backyard.
Landscaping. Do not purchase a home which has an abundance of landscaping. Once again, a premium is paid for a well-landscaped yard which may not be recovered when the home is resold. A house which has little to moderate landscaping has the best value.
House Size. In each residential neighborhood, houses will vary in size and rooms. However, if resale value is an important consideration, make it a point not to buy the largest home in the neighborhood. When determining market price, the nearest homes to a property will affect its resale value. A large house surrounded by smaller houses will sell for lower than if it was surrounded by homes of a similar size. Conversely, a small or medium house near a larger home tends to climb in value.
Bedrooms and Bathrooms. Three and four bedroom houses are the most popular among homebuyers. Five is okay as long as it doesn’t cost too much extra for the additional bedroom. There should always be at least two bathrooms in a house. If the home purchased is within these ranges, there will be more potential buyers interested in it when its time to resell.
Closets, Garages, and Laundry. Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is plenty of closet space. Garages add to the resale value, with two-car stalls being the most preferable. In some areas of the country, three-car garages have become desirable. Main-level laundry facilities, easily accessed without having to use the stairs, are very attractive to potential home buyers as long as they aren’t an eyesore.
The Kitchen. The kitchen tends to be the center of activity in all homes, so this is often the most important room to a potential home buyer. Large kitchens are good, modern kitchens are better. Eat-in kitchens and dining rooms seem to be equally as popular, provided the dining room is adjacent to the kitchen. It’s also preferable that the family room be close to the kitchen.
Swimming Pools. Though at one time it was thought they added a lot of value to a home, swimming pools can detract from a home’s marketability. This can be particularly true if the house is not located in a region like Florida, where the pool can be used for more than a few months out of the year. For safety reasons, families with small children will avoid homes with pools. Others see them as another maintenance liability. Pools, like a scenic view, are for pleasure and are not an investment.
When purchasing a home that will eventually be resold, it’s important to take into account what features other people would like to have in a house. Determining “wants” versus “needs” is absolutely critical. The making sacrifices now to buy a home that will be easily sold in the future will pay off when the next, bigger, better home is purchased.
Source by Matt Barker