Often homebuyers navigating the real estate market tend to focus on the factors that suit their current needs and their foreseeable needs for the duration at the property. As a result, many overlook the home’s future resale value, which can be a big mistake when it comes time to resell.
The property’s location, size, layout, and condition all influence whether the home is a good investment, or whether you will have resale problems later on.
Here are a few things you might want to consider that will affect a home’s resale value down the road…
Location influences the value of real estate more than anything else. Homes in a desirable area will attract a larger pool of buyers, and competing buyers typically push prices up. And this is exactly what you want when you put the house up for sale in the future!
Regardless of the square footage of the house, the configuration of the rooms plays an important role in establishing resale value. For example, bedrooms and bathrooms with poor layout or functionality could negatively impact the property’s value. Also, kitchens with an open floor plan are generally more desirable than ones with a closed layout.
Some upgrades, renovations, and improvements can instantly boost a home’s equity.
For example, quick kitchen fixes will typically increase the value of your home, like replacing cabinet doors or adding new sinks and faucets. So will adding a home office or an extra bedroom.
Even if you don’t have school-aged children, there’s a good chance a future buyer might – and guess what every single buyer with kids cares about? The quality of the schools. That’s why homes located in good school districts rarely decline in value.
Homes with stunning views of the oceans, lakes, and mountains typically yield a higher resale value than homes without these amenities. When thinking about the resale value of your home, always consider the landmarks. Even if you don’t have a waterfront property, you can still feature valuable landmarks that buyers care about, so include things like proximity to parks, schools, shopping, or dining instead!
If you’re thinking about making a move (or know someone who is), I can help!