It sounds strange to say but the time to think about selling a home is before you buy it. Unless you’re planning to use it as a retirement home to spend your golden years in, you’ll want to be thinking of selling it once you’ve outgrown its needs. If you buy a home that will appreciate in value over time, then when it comes time to sell, you’ll pocket more than you paid for it. This can then be used to put money down on an upgraded home if you need to move. But how can you spot a home with good resale value? Read on to find out.
1. A Good Location
Hands down, the most important factor in choosing a home with good resale value is a great location. A great location is sure to garner a lot of attention from buyers. Inversely, a home in a bad or less desirable location will attract fewer buyers and lower offers. When choosing a home to buy, you need to think about where it will be in 7-10 years. Is the location an established or up-and-coming area that will maintain consistent interest from buyers? Talk with your buyer’s agent about this and do your own research on the local market. If all the indications are that home values are likely to go down, then it’s better to look elsewhere.
2. Three or More Bedrooms
There’s no buyer who doesn’t dream of having a home with a spare bedroom. This is seen in sales statistics which show that homes with fewer than three bedrooms sit on the market for longer. Depending on the area, having fewer than four bedrooms can mean waiting longer to sell and getting lower offers than the competition. Even if you don’t think you’ll need the extra space you’ll want to consider it for resale value. The same goes for bathrooms. Having an extra one can make all the difference in finding multiple buyers.
3. Good Curb Appeal
When choosing a home, you can’t just look at the inside. Consider the outside as well; consider the “curb appeal.” This comes from how a person feels on looking at your home from the street. Good curb appeal is all about having a beautiful, well-maintained yard, an inviting doorway, and a great-looking facade. Even if the present home your buying doesn’t have a stylish look, as long as it has the potential to be one, that’s better than nothing. Be willing to put some money and time into landscaping work over your years as a homeowner if you want to increase its curb appeal.
4. It’s Updated and Remodeled
Most buyers want to see a home with updated furnishings and fittings. The only exception being if a home’s selling point is its classical design. Even in that case, the furnishings will need to be upgraded without sacrificing its old-timey feel. Even if the home is modern and stylish looking now, it might not look so after 8-10 years living there. Making some renovations over your years living there will help raise its home value. If done right, the higher price you sell it for will more than pay for the renovations. Just make sure you choose the right ones as not all renovations will give the best rate of return. The best rooms to remodel are the bathroom and kitchen. Making your home more energy efficient and green will also be a big selling point. Consider what possible renovations you could make when viewing each home.
5. Has Great Schools
If you’re childless with no plans of having any soon then this can seem irrelevant. But if you want a home with good resale value, you should consider this. Buyers with young families will want to know about the quality of the schools in the district. A great school is a big selling point, and will help attract buyers. Make sure the school is in the same district as the home.
Final Thoughts
Choosing a home to buy isn’t just about finding something you like. It’s also about finding something that others will too. Chances are if you’ve found a home that ticks all your main boxes, then someone else will think the same when you sell later down the road. Talk with your buyer’s agent about resale value. An exclusive buyer’s agent will know exactly what attracts buyers and what traits will remain several years down the road. For instance, a desirable location that isn’t changing anytime soon.