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Things That Could Influence The Resale Value Of Your Home
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If you are about to buy a house with an objective of reselling it or investing in it, you should consider a few things. These things will greatly affect the resale value of your home. The following points will help you get a good ROI (Return on Investment).
Lot and landscaping:
Even though most real estate value is normally concentrated in building, the lot is also important. Assuming the property is in a typical neighborhood, the lot should be rectangular. Avoid buying a home that has entire back yard occupied by swimming pool. You would usually pay premium for over landscaped house, which may not be recovered when you sell the house.
Homes vary in size and number of rooms in each residential neighborhood, but should not be too different. You should not purchase the largest model in a neighborhood if resale value is an important consideration. The homes nearest to yours are the most important when determining market value. If most of them nearby are smaller than yours, they can act as drag on appreciation.
Bathrooms and bedrooms:
Three and four bedroom homes are popular among buyers. If you choose one of these kinds, you will get more potential buyers when it comes to resale. As long as you do not have to pay extra for additional bedroom, a five-bedroom one is also fine. There should be at least two bathrooms in such a home and preferably three. One bathroom with a place for washing-up for the day to day visitors, one for master bedroom, and at least one to be shared by other bedrooms.
Laundry, garages and closets:
Walk-in closets are extremely desirable for the master bedroom, and in rest of the home, you can just make sure that there is sufficient closet space. Remember to preserve space for linens and towels.
Garages bring an additional resale value and make sure to have at least one two-car garage. The laundry facilities should be available at a convenient location, preferably on the main floor and not at a place that is likely to create an eyesore.
A home with a pleasant view of horizon often sells at above premium when compared with a similar one without such a view. However, if the view is important to you, buy such a home mostly for your own pleasure and not for resale. Though you may give considerable importance to view, future buyers may not be with the like-minded. When it comes to resale, finding a buyer may take longer time. Alternatively, you may end up decreasing the price to match sale price in the neighborhood.
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