Positive Property Investments
Buying Homes with Resale Value
View is the one of the major factors that affects the resale value when buying homes. Buying homes with a pleasant view of a beach or the horizon often sell at a premium above similar homes without the view. Though you may place a considerable dollar value on the view, future buyers may not be so like-minded. It may take you longer to find a buyer when it comes time to resell the house. Or you may end up dropping your price to more nearly match other sales prices in the neighborhood. In short, if you are buying a house with a view, try to pay as little extra as possible.
Otherwise, you might not get your money back. Most real homes today are usually concentrated on the building itself but the lot is important too. Home with a good resale value should have lots that are as level as possible. Assuming the property is in a typical neighborhood, the lot should be rectangular – no odd shaped lots or oddly situated lots. Courtyard sizes are smaller in modern homes than in older homes, but there should still be a decently sized front and back yard.
Do not buy an over-landscaped property, either. You would normally pay a premium for that, which you may not be able to recover when you sell. You will get your best value if the house is moderately landscaped or under-landscaped for the area. You can always perk up the landscaping during your ownership by humanizing the grass and adding bushes and trees. Just do not waste too much. In each residential neighborhood, houses will vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood. When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation. On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value.
This is one of those times where determining your "wants" versus your "needs" can be extremely important. Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood. Three and four bedroom houses are the most popular among homebuyers, so if you can stick in that range you will have more potential buyers when it comes time to resell. There ought to always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms. Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is ample closet space. Don’t disregard space for linens and towels. Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry. Family activity centers on the kitchen, so this is the most important room of the house. Larger kitchens are better, and they should be provided with modern appliances. Obviously, the dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen. There should be easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining. In addition, it should be a short trek between the garage to the kitchen so hauling groceries in from the car does not become a horrendous chore. Swimming pools do not provide as much added value as they once did. Safety issues about families with younger children have become more publicized than in the past, so families with small children tend to avoid homes with pools.
As a result, having a pool may actually reduce the number of potential homebuyers when you try to resell the home.
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