For most people, buying a home is the most expensive investment they are going to make. Some do it to get a decent place to live in. Others plan on reselling it after a while, and hopefully, turn a profit. But, in both cases, there are certain resale value factors to consider before buying a home. So, to help you out, we will go over these factors and see why they play into the value of a home.
Top resale value factors to consider before buying a home Before we start, we should mention that there are plenty of aspects that can influence a home’s value. Specific neighborhoods can suddenly become trendy. A particular style of home can become sought after. And let’s not forget that your realtor’s skill will play a significant role in the amount you will get for your home. But, these are the things that you can only keep an eye on and hopefully make the right decision when selling.
It is essential to get a good real estate agent to get good value for your home.
The factors we will consider are what you need to keep in mind when buying to get a good return on your investment. These factors remain tried and true indicators of how valuable a home is and will probably stay the same for years to come. So, without further ado, let’s go over the most important ones.
The number of bedrooms and bathrooms
No matter who you end up selling your home to, everyone looks for basic comforts. This is why the number of bedrooms and bathrooms in your home will have a clear correlation to how valuable it is. The more rooms there are, the more options the buyers will have to organize the home as they see fit. An extra bedroom can quickly become a home office, a home gym, or even a reading area. Furthermore, when it comes to family homes, the basic premise is that the more rooms there are, the more privacy each family member has.
When it comes to bathrooms, you want to have one per two bedrooms. Ideally, each bedroom will have its bathroom. But, this can often be quite expensive to set up.
Single-floor vs. multiple
As a general rule, single-floor homes are easier to sell. This is because they are more structurally sound, and the elderly or disabled will have a better time coping. On the other hand, homes with multiple floors tend to have more space. After all, you are getting twice the home size for the same ground area. This makes these homes more viable for large families, as they get more room for less money. But, as an effect, this makes these homes less valuable, as they cost less per square foot.
Every experienced homeowner knows that storage space is essential for home value. A simple garage or even a storage shed can present a surprising boost to a home’s value, especially if they are created out of prior need. Furthermore, attic or closet spaces will also bring value to a home, as they make everyday living much easier to handle.
Storage space is one of the easily missed resale value factors to consider before buying a home.
Living area layout
While current trends dictate that you should opt for an open living area, you need to figure out what works best for your home. Here again, you get the best value by carefully planning out your living area and seeing what works best for your living dynamic. While following trends is a good idea, you need to focus on what works for your particular home and how functional its living space is. That way, you will quickly register the pros of your layout and notice the improvements that can be done later on. The more you can make people think about their future life in your home, the easier it will be to sell it.
One of the fundamental tips to learn about managing an investment property is that the location is vital. There is hardly an aspect of real estate that can yield more significant value than having a good location. This is a fact no matter the type of real estate and regardless of the type of buyers. If you want to sell high, you need to be in a good neighborhood.
Neighborhoods can sometimes be more important than home quality.
Here you need to be aware of who you are selling to. A family person is looking for a completely different neighborhood than a young professional, which is why you need to be aware of what your area has to offer. All of them are looking for:
- Sound local infrastructure.
- Stable real estate value.
If you think your home is more suited for a family person, you should also check for schools in the vicinity, local parks, and the number of local family residences. For a young professional, you want to focus on decent transport and the vicinity of bars and clubs. Landscaping potential Even if you are not keen on gardening, you should pay attention to your home’s landscaping potential. The important factors to consider here are:
- The size of your yard.
- The type and quality of the earth beneath you.
- Plants that can grow in your local climate.
If a person wishes to have a decent yard, which most homeowners do, they will want to know whether your piece of land can provide them with one. A good yard is easy to freshen up and present to an interested buyer. So, the better your landscaping potential is, the greater value your home will have.
The last and the newest of the resale value factors to consider before buying a home is eco-friendliness. Even though it is a relatively new trend, more and more homeowners value the eco-friendliness of a home. Solar panels, smart home appliances, high-quality insulation… These are just some of the many factors that can quickly bring up the value of a home.