Factors to Think about Before Your Next Home Purchase

10 RESALE VALUE FACTORS TO CONSIDER BEFORE BUYING YOUR NEXT HOUSE

By:
REBAC Staff
Posted:
09/07/2020

When you are shopping for a home, selling it later may not cross your mind. But it should! Purchasing a home is a major investment. You want your new house to meet your current needs while also providing future resale value. Think of it as protecting your investment.

What are the most important factors? Since every real estate market is different, the answer varies. Wherever you’re shopping for a home, your Accredited Buyer’s Representative can provide vital local perspectives on resale value.

Generally speaking, you want your home to appeal to the largest number of future buyers. Factors to consider:

1. Number of bedrooms

Bedrooms are essential for sleeping, but they also offer potential space for a home office, craft room, music studio, exercise space, or guest room.

2. Number of bathrooms

Homes with only one bathroom can be at a significant disadvantage when competing against dwellings with two or more baths. In some high-end markets, each bedroom should have a dedicated bathroom.

3. Single-floor living

As the U.S. population ages, more future buyers will consider one-floor living essential. That means at least one main bedroom and a full bathroom are located on the main floor, and a laundry area.

4. Storage

Large closets, attic space, basements, garages, and other storage areas will make a home more attractive to future buyers and provide a more enjoyable living experience for you too.

5. Living area layout

Open floor plans that join the kitchen, dining, and living room spaces have been popular in recent decades. It’s an excellent way to make homes feel larger and allow a free flow of traffic and conversation in a home.

While open floor plans are generally viewed as a positive resale factor, they are not well suited to carving out private spaces for working from home, reading, and studying. These activities have taken on greater importance during the coronavirus pandemic. Time will tell if buyers become less enamored with open floor plans.

6. Location, location, location

Convenient access to shopping, dining, good schools, parks, and other amenities will help preserve or increase your home’s value. Neighborhood features that typically boost resale value include walking trails, good sidewalks, community pools, and recreation centers.

Also, consider access to major streets and highways, as well as public transportation options. While it’s difficult to predict how the pandemic will impact future work-from-home trends, ease of commuting has traditionally been a critical resale value consideration.

7. Size of yard

Large lots may require a bigger landscaping budget and extra maintenance chores. But they also provide options to expand living spaces beyond your home, including patios, decks, vegetable gardens, and play areas. If two homes are virtually identical, your resale value will probably improve if you select the one with more exterior space and rely on resale-friendly landscaping.

8. Noise

Sipping coffee on the deck will be less enjoyable if you live near a busy road or a local airport’s flight path. Noise pollution can also be a problem inside your home, especially if you want to open your windows for fresh air.

9. Total square footage

Size matters, but it may be a bad idea to buy the biggest house in a neighborhood. A small or medium-sized home in an area filled with larger homes can provide a better return on your investment.

10. Future development

If the land beyond your home is undeveloped, find out how it is zoned and consider how your views may change. Also, research government plans to add or widen roads in your community or build new facilities.

New developments can have positive or negative effects on your future resale value. A new park for the kids? Winner! A new four-lane road in the field behind your home? Ouch!

Similarly, urban dwellers should consider whether nearby lots might become multi-family structures, potentially blocking sun and views and limiting street parking options.

Let Melissa Guide You

Buy Buy
Sell Sell
Testimonials View All

I had previously had Melissa Stevenson help me sell a home and buy a home. She is very qualified, professional, friendly, knowledgeable, and easy to work with. I did not even consider using someone else when I was ready to sell my home. Melissa made the process so much easier than I thought it would be. She was a big help to me in all areas of the sale and in purchasing my new home. My home sold within days of being put on the market. Melissa did an excellent job of writing up the description, setting the price, and in all aspects of promoting my home to sell so quickly. She is an excellent realtor. I would definitely recommend her as an agent to anyone looking to buy or sell a home.

Diana Juvinall East Peoria, IL January 28, 2020

Blog View All

7 Tips to Prep Your House & Yard for Spring Written by TrueValue Hardware Now that winter has come and gone, it’s time to stop hibernating and start enjoying the outdoors again. Kick off the warm season by tackling some spring cleanup outside your house. Be sure to click on the Project Shopping List to…

Read More
Corefact Widget

https://www.traditionrolex.com/2