Buyers who are looking for a new home are often very excited. It is that excitement that can sometimes cloud their judgment when it comes to buying a home that will retain its resale value. So what can you do to make sure that your excitement does not overcome your good judgment and common sense?
Here are some things to keep in mind when you are trying to buy a home that will retain its resale value.
1. Location, location, location! Is this home on a busy street or does it have some other undesirable factor about it? If so, make sure the price is adjusted accordingly.
2. Consider all defects that are not correctable. Things like location, traffic, floor plan etc. Then make sure the selling price reflects these non -correctable items. Remember, you may have to sell this home with these same defects in the future. So you don’t want to be left holding the bag.
3. Does this home suit your long term needs. If so and you plan on living in the house for a very long time, then resale value may not be as big of a determining factor for you.
4. Don’t be bullied. If you are looking in a hot market, don’t overlook the issues that could cause you to lose money if you have to sell in a future market downturn.
5. Look for a home that has a broad appeal. A home that is suitable for most people. One that has a good floor plan and amenities that the majority of people are looking for is important.
6. Think about the size and the space. Is this home going to be very expensive to maintain due to its home or yard? Are there any other factors that could influence someone’s decision to buy.
7. It is best to buy a home that is in good condition -one that someone clearly took the time to maintain over the years. Routine maintenance is a huge factor when it comes to future repairs.
8. Convenience – how convenient is this home to schools, banks, day care centers, shopping, gas and restaurants.
9. Look for an easy commute – is this home located in an area where the major thoroughfares are easily accessible. Is there a bus line nearby etc.
10. Find a home that has a good resale value and not one that is just a good deal.
Talk to your realtor about buying a home that has a good resale value and they will be able to help keep you on the right track. Resale value should be one of the major deciding factors when buying a home. Remember, most people do not live in the same house their entire lives. So plan accordingly!