How Important is Resale Value?
Because moving has become an American way of life, the resale value of a home has become a critical factor. While an increase in the value of your home can’t be guaranteed, there are some important factors to consider when it comes to resale value.
- Location is one of the most important considerations you can make. Look at factors such as proximity to schools, shopping and community resources. Are there nice parks in the area? Is there a convenient grocery store nearby? Will this location appeal to a variety of potential future home buyers? Asking yourself these types of questions will help you focus on the benefits of the location you are considering.
- To many buyers, a view is one of the most important features of a home. If the home you are considering has a great view, what are the chances it could be obstructed in the future? How much extra are you willing to pay for a view? Will future buyers be willing to pay as much? The dollar value of a view can really fluctuate, so it may be wise to pay as little extra as possible.
- The lot and landscaping can have a great effect on resale value. An uneven lot or one that has a difficult shape can be a great disadvantage. You may enjoy a home where the entire backyard is taken up by a swimming pool, but future buyers may want more available yard. In addition, you may pay top dollar for a highly landscaped yard. You may gain more with resale if you purchase a home with moderate landscaping, and then add to it yourself.
The number of bathrooms and bedrooms can greatly affect resale value. The most popular number of bedrooms in today’s market seems to be three or four. A home with six or seven
- When considering size, it is important to buy a home that meets your needs, but if possible, don’t buy the largest home in the neighborhood. When the time comes for resale, the smaller homes may diminish the value of your home.
- bedrooms may be very difficult to sell. The home should have at least two bathrooms, and preferably two and a half or three. Ideally, there will be one for guests, one for the master bedroom, and one shared by the other bedrooms.
- Closet space is a very desirable commodity – better to have too much than not enough. Walk-in closets are in great demand and will add to the resale value of a home.
- At least a two-car garage is the norm in today’s market, and many buyers now prefer a three-car garage. Many families now have a car for the husband, one for the wife, and yet another for the teenage driver(s). In addition, parking for recreational vehicles is very desirable.
- A laundry room is definitely a plus, and should be located in a convenient, main floor location, yet not where it will be an eyesore. Cabinets and counter space in this area also add to the value of the home.
- Newer homes tend to have a family room adjacent to the kitchen. Larger kitchens with newer appliances definitely add to resale value. Access to the backyard from the kitchen is also very important for entertaining and barbecues. The kitchen should also be in close proximity to the garage, so that carrying in groceries is less burdensome.
- A fireplace in the family room is a definite plus, and can add not only to the ambiance of the home, but also to the resale value. On the other hand, a fireplace in the living room is seldom used, and typically does not add to the resale value of the home.
- At one time, having a swimming pool was a great selling factor. In today’s market, having a pool may actually reduce the number of potential buyers. Many people are concerned with safety issues, and others do not want the expense or maintenance of a pool. However, if having a pool if important to your family, that should take precedence over resale value.