Will the Home Your are Buying Have Good Resale Value?

Will the Home You’re Buying Have Good Resale Value?

Choosing a home to buy involves more than just finding a place to raise a family or launch a new chapter of your life, it’s an investment you want to grow in value.

To get the best resale value someday, you will want to consider a number of factors, such as its location, size and condition, the number of bathrooms and the layout. A cozy house with small rooms on a quiet place outside of town might be good for you, but a future buyer might see a home with tiny rooms in a poor location.

Below are some of the top features to consider before you purchase a home, to help maximize its resale value.

Location, Location, Location

Traditionally, a home’s location is its top selling factor. Homebuyers look for a central location near work, school, doctors and shopping centers. Easy access to public transportation, local highways and roads can also strengthen a home’s resale price. Keep in mind, however, that a home located too close to a high-traffic area will not fetch top dollar.

Views Can Add Value

A home facing a strip mall will sell for less due to its unappealing view, while homes with a pleasant view usually sell for a higher price. Consider if the view is worth the extra money paid and if the view will impact a future sale price—especially if there are plans in the works for next-door construction.

However, keep in mind that in some locations homebuyers may not consider the view for investment value as much as they consider location, size and even a swimming pool. Know your real estate market before you put too much emphasis on a view.

Home Layout

A home’s layout is a critical factor in its resale value. The number of bedrooms is one of the primary needs of homebuyers. Young homebuyers usually seek a minimum of three bedrooms. Four bedrooms attract homebuyers even more. Ideally, a bathroom should be located on the first floor for guests, and a second bathroom near the bedrooms. A master bathroom is a perk that will likely add resale value.

Closets in each room are standard and walk-in closets often have higher resale value for their convenience. Kitchens are expensive to remodel so families seek a kitchen layout conducive to family meals, homework stations and storage. Open rooms offering natural light are also a huge plus.

Curb Appeal

You’ll want a house that looks inviting from the street. Look for a house with landcaping that both complements your home and has room for improvement. For example, if the house has bay windows for natural lighting, but large trees obscuring the view, consider factoring the cost of tree removal into the cost of the house.

Updated from an earlier version by Susan Wellish.