When shopping for a home, there is one matter you must keep in mind: its resale value. As odd as it may seem that selling your home one day is something to keep in mind before you buy one, it is a good practice too. After all, you do not want to be stuck with a home that is hard to sell or otherwise does not retain its value. Here’s what to keep in mind when considering your home’s resale vale.
Prime Location
Real estate agents always emphasize location and so should you. This means keeping in mind that the home should be something that is in a stable neighborhood; off the main road, but not too far off; and convenient to mostly everything.
A prime neighborhood will have well kept homes, cared for lawns, have access to top-rated schools, and when found in more urban locations be near public transportation. Shopping, including food and retail stores, is another factor.
Some people also place a big emphasis on walkability. This means getting around the neighborhood on your feet to reach the stores, businesses, churches, schools and other destinations important to you. If you are able to find a home in such a neighborhood, then its resell value should be very good.
Home Design and Size
You can find homes ranging in size from a 900 square-foot duplex to a 5,000 square-foot estate. The larger the home, the more upkeep and maintenance required — you can bet that homes that are more work appeal only to a smaller group of people.
A home that is older may have a certain amount of charm, but it can also require much more work than younger homes. Worse are those homes that are located in historic districts — you may find that you must comply with town regulations before modifying its exterior in any way. Changes you want to make may simply not be allowed — that could be a type of restriction that would put off certain buyers.
Renovation Matters
Neighborhood homes should be roughly equivalent in size and condition. What hurts some buyers are homes that are too pricey for a particular neighborhood or simply just do not fit in. That three-story McMansion is out of place in a neighborhood filled with bungalows.
And not all improvements are recognizable, at least from the outside. For instance, if you live in a neighborhood of $200,000 homes and invest $75,000 in a new kitchen, there is little chance that you will ever recoup your investment. At the same time whatever improvements you choose to make should be documented and shared with potential buyers.
A Problem Home
Move into a home that looks spic and span without knowing its history could be the worst mistake of all. Even if that history has been remedied, such a prior fire or flood damage, it could dissuade future buyers.
Other issues that might turn off buyers are incidences of crime, including robberies. Those break ins may not have occurred under your watch, but could still worry a potential buyer who only needs to scour the Internet for that information. A death due to crime can scare people away, especially if it was a high-profile crime that impacted the community.
Resale Values
Even if your plans for your home is to keep it until you die, your plans may eventually change. Don’t think for a moment that resale values don’t matter all that much — they can and they often do. Be diligent to ensure that the home you buy has strong potential to sell easily in future years based on what you know about the house and the neighborhood advises the North American Moving Companies.