Buying a Home with Resale Value takes having a good eye for what a future home buyer will want in their home. Homes with views, located near water fronts or golf courses, etc often see better resale values then homes without those features. However the other side of the coin is that some buyers won’t want a home on the water or near a golf course so be careful with your purchase. One feature buyers do love is having a house in or on a cul-de-sac lot. These lots are definitely more desirable than homes that don’t offer this lot type.
When purchasing a home with a view be careful not to pay to much, as mentioned in the above paragraph, just because you think the view is amazing others may not. There’s a perfect example in Bakersfield CA on Panorama Dr in Northeast Bakersfield. Homes on the north side of the street have a view that some love and some don’t so while some may see the glass half full others may see it half empty.
As you might have already guessed most people fall in love with a home but the dirt the property sits on also has it’s value both monetarily and marketability wise. For instance large lots have pros and cons like the ability to have a pool installed or larger area for the kids to play. The drawback might be that the lot is fully landscaped and can cost hundreds each month in maintenance and additional water bills to maintain it’s beauty. Smaller lots don’t have the flexibility that a large lot has but does offer the owner the ability to not have high landscaping costs which turns into more money in the owners pocket.
Buying a Home with Resale Value
Another item to be mindful of is the lot shape, typically lots are rectangle or square like shapes. Some larger cul-de-sac lots might be pie shaped and that’s ok but try to stay away from flag lots or lots behind another lot with an easement. These properties will likely be discounted when for sale and this is why.
Now that we’ve discussed the property let’s dive into the home itself. Houses obviously vary by size, room count and amenities to name a few but generally they shouldn’t differ so much that they are not comparable with the neighborhood. Stay away from buying the biggest home in the community and likewise you don’t want the smallest either. For instance if homes in a specific area range from 1,500 square feet with 3 bedrooms and 2 bathrooms to 2,700 square feet with 5 bedrooms and 3 bathrooms you might want to look for something around 2,200 square feet with 4 bedrooms and 2 bathrooms. With regards to amenities you’ll want to stick as close to the other homes in the area as possible with slight upgrades, i.e. if the homes in the area have tiled counter tops do not dump a ton of cash in the home and go with quartz or something to that level. Instead look at standard granite slabs that contain neutral colors. Installing granite in a counter tile neighborhood will give the look and feel of an upgraded house and increase it’s marketability without over building the neighborhood.
Today’s buyers look for homes in all sizes and layouts but typically are most attracted to 4 bedrooms and 2 to 2 1/2 bathrooms. Open floor plans with great rooms and split-wing layouts are also very desirable and will likely see less days on market when for sale. With regards to decor, buyers like neutral colors which includes paint, flooring and granite. Amenities like granite, stainless steel appliances in the kitchen and wood flooring are all items you’ll never go wrong with. Additionally, walk-in closets in the master bedroom is a must and is a large benefit if the the remaining bedrooms offer them. Lastly, attached garages are a must and at a minimum is 2 car availability. Lately though, 3 car garages have become very popular with growing families.
Depending on the location and weather of the home your looking at purchasing a swimming pool may or may not be something of value. Being in Bakersfield CA with temperatures during the summer months averaging 90+ degrees a swimming pool is likely an option buyers will be looking for. Pools may have an increase in marketability but don’t see a return on investment, basically what I’m saying is if the home you love has a pool then go for it but unless you’re planning on staying in that home for many, many, many years do not put one in. The cost versus the reward is just not there. Another item to be aware of regarding a pool is the safety factor, make sure if you’re purchasing a home with a pool that it has a gate around it or is properly secured with at least door chimes entering the area containing the pool.
Hopefully this article Buying a Home with Resale Value assisted you with what items to be aware of. If you have any additional questions about Buying a Home with Resale Value then please feel free to contact us anytime. Additionally, feel free to post a comment below.