Buyers & Sellers, Tips And Advice

Buying A House With Resale Value In Mind

Like many things in our life that change, so do our housing practices. Most of us don’t stay in one house for our entire lives like some generations.

Our modern life style and economy, calls for flexibility, mobility and constant changes. People are following their jobs and careers and moving from one side of the nation to the other.

This custom is in line with our culture of consuming. We replace things faster, we treat clothes, cars (some just lease), and our homes like fashion items with a short life.

When we decide to buy a house we need to think in terms of short to medium periods of time and consider the resale value of our home in the future.

Buying a home with good resale value might take a little longer. It will also take a bit more work on your part, but you’ll love when it sells quickly and puts extra money in your bank account.

First consider your family’s needs, but keep an open mind about what might suite future buyers as well.

The most important three factors are: location, location and location… 🙂

Indeed, it’s first thing to consider when looking for a home. So, what makes a good location?

There are some general elements which are obvious like:

– Does the neighborhood have easy access to the schools, shopping centers and country club.

– Pick a house that is located above ground area. That provides two advantages: no flooding and a nicer view.

– How many neighbors are beside you and/or across you in closeness. The less the better.

– A house located at the end of the street will suffer less noises from the neighbors and their guests. If the street is a dead end it’s even better. A corner house may have more light and air.

– The position of the house towards the north if it’s a warm area as opposed to the south in cold areas. Northern neighborhoods are usually better than the southern ones as the western ones are more prestigious than the eastern ones.

– The size of the lot, its shape and the square footage of the house itself.

– If buyers in your area are young families with children, consider a house with a large yard that’s not fronted by a busy street.

– Environmental aspects to consider – rural area vs. urban area, quality of schools and other social services.

There are many important internal elements that can raise house value and buyers attention, such as:

– Closets, with as much additional storage space as possible.

– Light and bright – Homes with lots of natural lighting are very popular.

– Split bedroom plans, with bedrooms on each end of the home, are increasingly popular with buyers.

– If you live in a scenic area, having a view can help you sell.

– Plenty of bedrooms, baths and restrooms.

– Large and proper kitchen with as many cabinets and cooking space as possible.

– A suitable room to be set as a home office.

– Laundry and dryer machines located at the same level as the bedrooms.

– A spacious basement is a plus.

Features to avoid

– One-bath homes take longer to sell and for A LOT less than homes with at least two baths.

– Electric baseboard and ceiling heat are not as desirable as central heating systems. A fireplace in the living room is a plus.

– Tubs and showers in outdated colors might be hard to change without ripping out doors or walls.

– Popcorn ceilings date a house

Home Inspections

Depending on the type of financing, there should be 2 or 3 separate inspections on the home you want to purchase. The first should be your own basic inspection (see the bottom of this page), the second should be a professional inspection by a reputable person. Should you select a government loan (FHA or VA), the third inspection should come at the time of the appraisal, which to some degree amounts to a “mini-inspection.” Do not, however, rely on this appraisal as your only inspection of the property!

We can’t stress enough the value and need of an extensive home inspection. Many home buyers, to save the $200 to $500 or due to simple ignorance, have spent a lot of money repairing items that any home inspector would have pointed out.

Any offer to purchase should be contingent upon (subject to) an inspection with a satisfactory report. Do not let anyone, especially the seller, deter you from having the property thoroughly inspected! Not only will you sleep better after you have moved into the house, a professional inspection can give you an out from a contract on a defective house. Any defects in the home must be either repaired or monetarily compensated. If you are not satisfied, you have the option to cancel the contract.

Buying a home is one of our biggest investments. Some of us are doing it more than once during our life. Your first objective is to buy a home that’s right for you, but do consider its resale value before the final decision. A careful purchase now will help give you extra funds to move up with the next time you buy a home.

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