HomeKnowledge CentrePress Release

How to Buy a Home with Excellent Resale Value

If you are a first time home buyer, resale value may be the last thing that you are considering. However, the one thing that you can depend on in life is change. If you are single, you may get married. If you a couple buying a home, will there be room for another child or two? What about room for an elderly parent that can no longer take care of them self? There is also the possibility of promotions and new jobs that require moving. Most Americans these days live in a home for no more than five years. So no matter what stage of life you are in, it is a good idea to consider the resale value of the home you buy. 

Location

We all know that the number one selling point of any property is always location, location, location. This is the most important aspect of a new home to keep in mind. You may not have a problem with living in the flight path of the airport if the price is right, but what about the next potential buyer? Quiet locations in clean areas that are near shopping, schools and close to freeways may be more likely to entice potential buyers.  
 
Consider the area as a whole as well. Is it a family neighborhood? Then you probably want a house that is in a good school district, close to parks and that also has a big backyard and plenty of bedrooms. If you purchase a smaller house that might be a good retirement home, is it close to the grocery store, restaurants and medical care? If the area has many new houses in construction and old houses being restored and remodeled, chances are the neighborhood will continue to improve and buyers will look favorably on the area in the future as well.  

Curb Appeal

A house that photographs well and looks great on a drive by will also be more likely to sell. Excellent lighting, attractive gardens and lawns that are obviously low-maintenance along with driveways and garages can be very appealing to folks just taking a quick look from the outside. However, you have to catch their eye in the first place to get them to take a harder look at the property, so buying a house that’s attractive at first glance can mean that resale is easier.    

Features

You will of course want to buy a house that has features that appeal to you, but make sure you purchase a home that has features with universal appeal. For example, that spiral staircase may be gorgeous, but it will quickly turn off potential elderly buyers, buyers with children and those that worry about guests injuring themselves. Hardwood floors however, are a classic feature that is attractive and appeals to most all buyers. There are some features that will be highly likely to increase the likelihood of resale such as fireplaces, large master bedrooms with an attached bathroom and an open floor plan. If you have a choice, consider homes with these extras.

Build your own or buy a new home?

If you are certain that you will be selling your home within a few years, you may be wondering if it makes more sense to buy an older home or a newly built home. Many home owners are building their own homes so that they can get the exact house they are hoping for, but this may not necessarily make good re-sale sense. Consider all the aspects that make an older home appealing when buying or building a brand new home. It’s fun to get to choose cabinets, countertops and landscaping, but if your choices are trendy you may find that potential buyers find them outdated when it comes time to sell your home. Make choices that are classic and neutral and you will be more likely to resell.  

What about remodels?

There are certain remodels that can raise the value of your home as well as the likelihood of resale such as kitchen and bathroom renovations. However, even smart remodels may not give you a complete return in the investment. If you are frugal with the money involved in the renovation and make improvements that increase curb appeal, bathroom or kitchen areas, it may be worth the effort and expense. 

It is difficult to predict the housing market and what particular details will be popular, but if you make careful consideration to the most important features you will be more likely to have a home with excellent resale value.