Buying a Home with Built-In Resale Value
Are you in the market to purchase a home? If so, there are several things that you will want to take into consideration if you are looking at 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 at Chevy Chase real estate or homes 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. All of these are factors that need to be considered when choosing a home in the best location.
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.
Making a House a Home
In addition to considering the location of the community, you will also need to take a closer look at the house you are considering buying. 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.
According to Kevin Koitz who specializes in Bethesda homes for sale as a real estate agent with the Koitz Group in Maryland, “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.