Most of us won't live in the
same house for the rest of our lives, so it makes sense to begin
analyzing resale values from the very first day we set out to buy a
home. You might think it's strange to consider selling a house you
don't even own yet, but what if you decide to move? Do you want a house
that has grown in value and sells quickly? Sure you do. Buying a house
with excellent resale value might take a little longer, it might take a
bit more work on your part, but it's worth the effort.
1)
Location is Essential
Even
though locations regarded as "desirable" might not keep that status
forever, they're good to analyze. Why are they considered great
locations? Are there other areas that are increasing in desirability?
Is the community changing--with residential areas shifting over to
commercial properties? Try to determine why a neighborhood is in demand
and how long it's been that way. Make a home choice that suits your
needs, but if you can, find one in a location that others seem to want,
too.
2)
Does the Home Suit the Population?
Who
are the primary buyers in your town? If it's seniors--or a younger baby
boomer crowd getting close to that age, how about a one level home or a
home with at least the master bedroom and other primary living areas on
the main level? If the majority of buyers are young families with
children, consider a house with a large yard that's not fronted by a
busy street. Browse your local real estate ads. If a feature pops up in
lots of ads, it's likely something that's in demand.
3)
Avoid Outdated Features
What
should you watch out for? One-bath homes sell for significantly less
than homes with at least two baths--and they take longer to sell.
Electric baseboard heat and electric ceiling heat are not as desirable
as forced air heating systems. Popcorn ceilings date a house--you
know--those bumpy ceilings that were so popular in the 1970's. Outdated
features are a negative--unless you turn them into a positive by
getting a great deal on the house and making updates.
4)
What About Cosmetics
Cosmetic
items, such as paint colors, aren't an issue, since they're relatively
easy and inexpensive to change. Replacing old or dated carpets might
not be a problem either, depending on how long you plan to stay in the
house. Sometimes updating cosmetics is all a home needs to make it
shine. Those are the homes to watch for!
5)
What Are Buyers Looking For?
Closets--lots
of closets, and as much additional storage space as possible. You've
probably heard the term "light and bright." It's a saying that's a
little overused, but it's an accurate description of one buyer
favorite. Homes with plenty of natural lighting are very popular. Split
bedroom plans, with a bedroom wing on each side of the home, are
favorites with buyers right now.
6)
More Popular Features
If
you live in a scenic area, having a view can help you sell. Maybe
there's a certain school district that's tops with parents and kids.
The features most in-demand varies from region to region, so try to
determine what's hot in your town. Ask your real estate agent which
features seem to always be popular.
7)
The Bottom Line
Your
first objective is to buy a house that's right for you, but do consider
its resale value before you make the final decision.
