Considering Resale Potential When Purchasing Your New Home
on Monday, July 2, 2018
When you're caught up in the excitement of shopping for your new home, it can be difficult to take a step back and consider where you'll be in two, five or even ten years. But most homebuyers will own several properties over the course of their lives, so it's important to think about the time in the future when you'll want to see your home and move on to a new one.
Certain features will make a home easier to put on the market at a later date. When purchasing a new property, consider these factors:
- Location, location, location. Yes, it's hugely important. Good schools, good roads, shopping options: all build desirability and resale value.
- First impressions really do matter, so maintaining curb appeal is a must. You were most likely initially attracted to your home by the way it looked from the road; others will be too!
- Homes with more than 2 bedrooms are more desirable and see faster. They attract not only young families but also young professionals who want a guest room and office space. Two baths can also make or break a deal for many homebuyers.
- Storage space is a hot commodity. A home with an attic, basement, or garage is a smart choice, and if there is lots of closet space, then it's even better.
- Never buy the largest house on the block. If you buy the smallest home in a neighborhood of large homes, you'll get a higher return on your resales than the larger homes will.
- Upgrades are important but don't overdo it. If yours is the only home around with a fully integrated smart kitchen, you probably won't make back what you put into it. Remodeled bathrooms, new kitchen appliances, and updated flooring are much better ways to invest your money.
- A larger yard is appealing to buyers, especially those with children. If you have a larger yard than other properties in the same neighborhood, your home will likely sell faster, even if the homes are all the same size.
While it's important that your home meets your and your family's needs, if you know this won't be your last home, it's just as important to look at your home's resale potential down the line. Try to set aside some of your emotions in order to make a smart purchase that will benefit you now and later, when you're ready to move on.