Buying a Home with Built-In Resale Value
Not only will you need to consider your budget and both your short and long-term goals, but you will also want to take into consideration the resale value of your home. While most people do not purchase a home with the intent of moving in the near future, the reality is that life’s changes may make a move inevitable.
Whether looking for ranch style properties in Cucamonga or homes for sale in Warner Robins, you want to be sure to set yourself up for the best opportunity to recoup all of your money or to even profit from your purchase. To make this happen, you will want to purchase a home with the best built-in resale value possible.
Location, Location, Location
It is no secret that one of the top rules of real estate is “Location, Location, Location.” By choosing a home that is in the right location, you will increase your chances of enjoying a high resale value if that day ever comes. If you are like most people, the things that will attract you to a certain community include the types of services and programs the community has to offer, the proximity of employment opportunities and the quality of the schools.
Other things to consider include the economic stability of the community, the unemployment rate and crime statistics. The stronger the community’s economy, the more likely it is to continue to offer the same level of services well into the future when it is time for you sell your home.
All of these are factors that need to be considered when choosing a home in the best location.
Making a House a Home
If the house has specialty rooms that are not sought by many buyers, such as a photography studio or a music room, you may have more difficulty getting the home sold later unless these types of rooms are normal for the neighborhood.
If you want one of these specialty rooms, but you still want built-in resale value, look for a home where the rooms can be easily converted into bedrooms or office space if necessary.
It is in your best interest to look for a home that does not have significant restrictions in terms of adding on or making renovations. Again, unless this is normal for that particular neighborhood, potential buyers may lose interest once they find they cannot expand upon the home to meet their future needs.
2 Response Comments
Great blog! You hit important key factors here that potential investors should know. Real estate markets are considered as one of the best investment because it is slow to react to changes in the economy meaning you are not going to lose 50, 90 or 100% of the value of your investment overnight that is why it is no wonder why more and more people are buying a house and turning it into their own personal business.
With the prices of real estate where they are today you can buy a house in a great location for reasonable. This provides even more potential for rising in value when the market finally does decide to turn around. I think the next few years should be fun once we get out of this housing funk. Great article.