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When you are looking at a new home one of the things to keep in mind is the potential resale value. While you may think this is the home you will have for a very long time, the average American moves every 5 years. So thinking ahead is a good strategy.
With that in mind,here are a few things to consider:
Look beyond the structure. Houses that have a nice view will sell at higher prices than those that do not. So take a look around from within the property and then beyond the property to the neighboring landscapes. But, don't buy a property just for the view. Though you may place a high value on the view, future buyers may have different reasons for the purchase.
While it's true that the majority of the real estate purchase is based on the buildings, the lot is important, too. Lots that are level and have a nice shape are best. Look for a home that is moderately landscaped or under-landscaped for the neighborhood. You can always improve the landscape by planting trees, cultivating the lawn etc, just do not spend too much.
When looking at the homes in the neighborhood, they should all be similar in size. Sure houses will vary from one unit to the next but if you are interested in the future value of your home don't buy the largest unit on the block, it may be difficult to get the price you want because the homes nearest to yours play a part in the value of your home. If most of the nearby houses are smaller than your house, they can bring down the appreciation of your home.
The reverse is also true. If you a home that is among the smaller or medium sizes in the neighborhood, the larger homes can help pull up your value. Buying what you need in a better neighborhood may provide a better financial investment than getting what you want (more bathrooms or bedrooms etc.) in a less desirable neighborhood.
For best resale value, there should be at least two bathrooms in a house.
Walk-in closets are a plus as is extra closet space throughout the home.
And make sure to get at least a two-car garage.
The kitchen is one of the most important rooms in the home so be sure that you get a home with a large kitchen, updated appliances and an adjacent dining room. From the kitchen there should be easy access to the back yard for barbecues and other outdoor entertaining.
When considering a fireplace, the family room is the only room that is important. It's nice to see a fireplace in the living room but most families will rarely use it so the additional price you may pay upon purchase won't be recouped in the resale.The only room where you absolutely have to have a fireplace is the family room.
Swimming pools, while formerly a good purchase, do not provide as much added value now. The safety issues and maintenance required have made families shy away from this once popular attraction. As a result, having a pool may actually reduce the number of potential homebuyers. Swimming pools are for your own enjoyment, not an investment.
So there you have a few things to look for when thinking about the potential resale value of your home. By discussing your future goals with your realtor you can make a purchase that is right for you today and in the future. |
