Buying a Home with Great Resale Value: Factors That will Affect Property Resale Value
Whether you are buying a house as an investment, a lifestyle upgrade or both, one of the most important decisions you will make is where you want to live. Most home buyers, especially first time home buyers in search of their dream home often focus on the factors that suit their needs while they living at the property. Many home buyers overlook the homes resale value in the future.
Buying a home most probably is your biggest financial investment decision, you should consider buying a home as a business decision. The location of the property, its size, layout and condition all influence whether the home is a sound investment or whether you will have resale problems later on.
Location and Neighborhood
Location influences the value of real estate more than anything else. Homes in a desirable location attract a more buyers. Competing buyers typically will push up the price. Although a good location is subjective, most home buyers want homes on a safe, quiet street with neighborhood amenities. Conveniently located close to grocery store, restaurant and schools is a plus. Homes facing a strip mall, business park or back to main road often sell for less due to their unappealing view and traffic. Conversely, homes with a good view sell at a premium. Check out any future developments that might impact the view before you buy.
Layout and Configuration
Regardless of the square footage of the house, the configuration and layout of the rooms plays an important role in establishing resale value. For example, inadequate bedroom and bathroom could negatively impact the value of the property. For example, if both homes are around 2,000 square feet, the one with four bedrooms will get higher value compare to one with only 3 bedrooms. Open plan living accommodation, a high functioning kitchen and a master bathroom with walk-in closet usually raise the resale value.
Age and Conditions
The age of your home can make a difference in pinpointing the value of your home. In most cases, homes with historical significance that are well maintained and newer homes are considered more valuable than those that fall in between. Although age can play a big role, the condition of the home is what truly matters. Well-kept, turned-key houses that are move-in ready are usually more valuable than fixer-uppers.
Renovations and Upgrades
Renovations play into a home’s value, but if your home is considered “over improved” compared with other properties in the neighborhood, it can actually hurt the property’s value. Unless you live in an area where built-in wine fridges are the norm, you might be better off spending the money on more basic thing such as replacing the sink and faucets or refacing the cabinet. Don’t spend a lots of money on something that might have a lots of personal taste attached to the property.
So, location, layout, improvements and other factors can affect property value. If you would like to talk with us about the value of your home, feel free to contact us or you can use our online home valuation and get your house value estimated in 15 seconds.
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