Unless you plan to stay in a home for the rest of your life, resale value should be a major consideration when purchasing a house. Home-ownership is a huge financial investment and the goal should be to get as much monetary return as possible when you sell. While you can’t always predict what the future holds for the real estate market, there are some basic guidelines for what kind of properties have good resale value. Don’t make the error of focusing only on what you want when doing your home search. Think about the following factors that will affect the resale value:
- LOCATION - This should be a primary consideration when looking for a home that will provide a good return on your investment. A desirable location is likely to remain a hot market for home sales. Think about the school district you will be in. Even if you don’t have children in school, a top district will draw many buyers. Different people will be looking for different things, but most buyers will want basically the same things from the location of their home.
- NUMBER OF BEDROOMS - A house with more than two bedrooms will sell faster and for a better price than one with only one or two bedrooms. Even a couple with no children will want extra space for an office or guestroom (or both).
- NUMBER OF BATHROOMS - Buyers will expect to pay much less for a home with only one bathroom. If people are choosing between a house with one bathroom and one with two, they will almost always be willing to spend a little extra to get that additional restroom.
- GATHERING SPACE - Buyers want a large, informal space for relaxing and entertaining family and friends. You will get more value out of a spacious family room than you will out of a formal living room.
- STORAGE - These days people have a lot of “stuff” and they need places to put it all. Storage space, including closets, a pantry and loads of cabinets will improve the odds of getting high bids for your house.
- GARAGE - People who live in suburban areas need places to park their cars. A covered parking place or two is ideal.
- OPEN FLOORPAN - Buyers are looking for homes with open spaces and rooms that flow from one to the next. A house with an open floorplan will improve your chances for a profitable resale.
- OVERALL CONDITION - A property that is well-cared for, updated and remodeled will greatly enhance resale value. Focus on rooms that matter most to buyers - kitchens and bathrooms. Make sure everything is in good working order. Some people might be looking for a fixer upper, but many buyers are willing to pay a premium for a move-in ready home.