Buying a House? Find Homes with Resale Value
Right after buying a house, the last thought on many people’s minds is the resale value of the home as they are busy chasing details, furnishing the home and settling into new routines. But as counter-intuitive as it may seem, the time to consider property resale value is before buying a house to ensure that when you want or need to move in the future, your investment in the home grows or at least retains its value. As we observe the real estate market over time, home resale values tend to wax and wane in cycles. Sometimes the resale value of homes is somewhat low or high depending on the home’s location, amenities and other factors. Remember even if the economy is bad and resale values are low they will rebound, the economy will get stronger, and the pendulum will swing in favor of home sellers again. As part of the decision-making process, it is always very important to make a sober assessment of a property’s resale value before buying a house.
Property Resale Value Factors to Consider
- Bedrooms and bathrooms: Homes with three or more bedrooms, and at least two full bathrooms and a half-bath, tend to have higher home resale values than homes with fewer bedrooms and bathrooms. People will compromise on many features if the home and price are right, but will not consider buying a house if it doesn’t meet their needs now and in the future.
- Storage: People like lots of storage options in a home, such as walk-in closets, cabinetry and shelving in logical and convenient locations. A large garage with built-in storage and ample space for two cars, as well as plenty of storage in the basement, also improves the resale value of homes. Homebuyers also prefer laundry facilities on the ground floor of a house to reduce trips up and down the stairs for household chores.
- The kitchen: A home’s kitchen is often literally and figuratively the warmest room in the house and the center of daily life. Homebuyers prefer larger kitchens with plenty of counter space, updated floors and countertops, modern appliances and lots of natural light. Any investment that homeowners make in updating their kitchen and bathrooms is almost guaranteed to increase the property’s resale value.
- Lot size and landscaping features: This factor is a bit more subjective, as some buyers prefer the lower maintenance of smaller lots, and others like a big yard with plenty of space for the kids and landscaping accents. But before investing in large landscaping projects such as swimming pools, elaborate rock gardens and gazebos, understand that these features may turn off as many potential buyers as they attract and your chances of recouping your investment are not guaranteed.
Because buying a house is one of the biggest decisions most of us make in our lives, it is always in a homebuyer’s best interests to consider a property’s resale value before signing any documentation. It’s a decision that they will literally be living with for quite some time and is probably the single biggest purchase of their life.