Consider Resale Possibilities When Buying A House
When you buy a home, chances are high that you'll eventually sell it as your life changes over time – the average U.S. homeowner moves every five to seven years.
That makes it important to keep resale value in mind as you house hunt. Features that appeal to others make it easier for you to resell the house and to get a good price.
Quiet streets, large yards and proximity to shopping and high-achieving schools boost resale. Rectangular lots generally sell better than oddly shaped or awkwardly situated properties.
A home in a low-crime area will always fetch a better price than the same sized home in or near a less desirable neighborhood.
A beautifully manicured lawn with lots of garden may have curb appeal, but it's likely to be expensive and time consuming to keep up. You may be willing to pay a premium for it but the next buyer may not.
Moderate landscaping generally has the best resale value. Buyers prefer a home with decks, patios and siding made of low-maintenance materials.
Pools can pose resale problems. Families with small children generally avoid them, as do buyers in regions where a pool is used only a few months of the year. Buyers will also be aware of the maintenance pools require. However, in some upscale neighborhoods a pool is almost considered an essential.
Resale value is also affected by the size of surrounding homes. Don't buy the largest home in the area -- a large house in the midst of smaller houses generally will sell for a lower price than if it is surrounded by homes of a similar size.
Conversely, a small or medium-size home in a neighborhood of larger homes may sell at a higher price than the same home in a more modest neighborhood.
Bedrooms And Bathrooms
Homes with at least three bedrooms usually have good resale value. The price goes up if the master bedroom has its own bathroom. In any case, the home should have at least two bathrooms and they should be updated for resale purposes.
The center of many homes is the kitchen, which makes it the most important room in the house. Look for modern appliances, a large pantry, plenty of cabinets, attractive and spacious countertops and adequate dining space. If there is a family room or dining room, the kitchen should be open to it.
In general, lots of closets and well-organized storage spaces will entice buyers. Walk-in closets add to the appeal, and garages boost resale value, particularly if they fit two cars. A separate laundry room is typically a great resale feature.
When it comes to flooring, buyers often opt for easily maintained and durable materials such as cork, wood, bamboo, vinyl, ceramic, laminate and marble.
Features that appeal to multigenerational families will boost resale. In-law suites have gained in popularity as more people care for aging parents, children return to the family home after college and families pool resources to buy larger homes.
One all-important aspect that will help sell a home is its character. A home's distinctiveness, however subtle, can charm a buyer. Small touches such as granite countertops, French doors, an antique fireplace, or a picturesque view through a bay window can often cinch the deal.
Natural light also appeals to buyers. The more character your home has, the higher the resale value.
The Bottom Line
When buying a home, it all comes down to this: Purchase a house that suits your immediate needs and desires, but keep an eye on its resale value.
And if you're looking at fixer-uppers, find a home that you can add in-demand features to after you buy. You'll reap the rewards when it's time to move on.
Contact me for help finding a house that fits your needs now and will have good resale potential.