Home with Resale Value- the House
Panoramic views of the city, ocean or countryside, balconies, fireplaces, swimming pools and sculpted landscapes: these are some of the key ingredients of a dream home. Though each person has his or her own absolute ideal when it comes to homeownership, there are certain things that will draw most people in. The more people that are drawn to a home the higher its potential resale value will be.
The term resale value has to do with how good a home looks to prospective buyers. Resale value contributes both to the homes rate of appreciation, and its potential sale price so purchasing a home with good resale value is important no matter if you plan on selling the it in six months or in twenty years.
Few people crave small, cramped homes with no amenities and windows that look out onto brick walls. People who are in the market for a new home will look for nice lots, spacious rooms, unique added touches and character.
Character can come in the form of an antique fireplace or kitchen with marble countertops, it's anything that makes a house stand out in people's minds. A home with its own unique character can easily hook buyers and allow the person selling the home to make much more money from the house than they invested into it. Character can even turn a tiny place in the city with no land and no view into a coveted investment.
People who are looking to buy a home in the city often look for homes with character realizing that large lots and swimming pools are out of the question. There also many other things that contribute to the value of a home in the city and whether that home will appreciate in value.
City Homes with Resale Value Often Have:
- At least two washrooms
- A master bedroom with an ensuite bathroom
- Deep-soaker or Jacuzzi bathtubs
- Walk-in closets
- A garage
- A driveway
- Both an eat-in kitchen and a dining room
- A small yard or large deck
- A fireplace
- Quality flooring
- A well-maintained interior
- A separate basement apartment that can be rented out if necessary
- Special added touches that contribute to the home's character (i.e. a spiral staircase, crown molding, wood or marble flooring, arched doorways, French doors)
The above things often leave a lasting impression on potential buyers and the more of these items your home in the city has, the higher its resale value will likely be.
People who are looking to invest in new homes also want to know about the neighborhood they are moving into and there is no doubt that location will contribute to a home's resale value, but often homebuyers will give up the ideal location for the ideal house. When location isn't an issue, homes are often larger with more amenities. This is the whole idea that draws many people to the suburbs. Although the location may be inconvenient, these people need their space and the suburbs can offer homes with bigger lots and more room for large families.
Of course there is more to a home in the suburbs than just a big lot.
Suburban Homes with Resale Value Often Have:
- Three or more bedrooms
- Three or more bathrooms
- Walk-in closets
- A two-car garage
- A swimming pool
- A hot tub
- Manicured lawns
- Attractive landscaping
- A deck or patio
Many of the above amenities that increase resale value are only available in houses outside the city.
Homeowners that are looking to buy houses that will have resale value should pay attention to how the houses that they are looking at fit into the neighborhoods they are located in. Houses with resale value should subtly stick out from the rest of the homes around them. Subtle distinctiveness is the key.
This subtle distinctiveness can come in the form of a slightly larger lot, unique architectural touches or bay windows. The accents that will draw in potential buyers will depend on the neighborhood and price range that the house is in.
It is important to stress subtlety when speaking about homes with resale value. Some homeowners will try to spice up a small home in the city by adding a water-fountain to their home's front yard or marble flooring in a home in a working class neighborhood. These things might blend into a large property in an upscale neighborhood, but they may seem like a little garish for the average person. People who are in the market for homes with resale value should keep in mind that the added touches that each home has should not only be in demand, but it should also be appropriate. Things that are appropriate in a neighborhood full of $1 million dollar homes will not be the same things that are fitting in a neighborhood of $200,000 homes. Things that stick out as gaudy additions may actually drive potential buyers away instead of draw them in.
People who are looking into buying homes with resale value can look to a few sources for ideas about which sort of features are in demand and might still be in demand in the future.
Sources for Determining Home Accents that Add Resale Value:
- National homeowner magazines
- Decorating magazines
- Studies that indicate returns on certain remodeling projects (i.e. refurbishing a bathroom or adding a sundeck)
- New homes that have been built in the area
New homes are an especially good place to look to see which features are popular in certain areas. Developers who are responsible for these new housing developments will typically consult various surveys and market research reports before they build so they can see which traits will make a home saleable.
Remember to look for subtle touches that separate the home you are looking at from the surrounding houses but if the place sticks out like a life-size garden gnome stay away.
Though neighborhood and price range will largely determine the characteristics that will sell a home, there are certain things that if constructed appropriately will always add to a home's resale value regardless of the location.
Resale Value Guarantees:
- A stunning view
- A large well-landscaped lot
- A house that is slightly larger than others in the area
- A good number of bedrooms and bathrooms
- Ample closet, garage and laundry space
- A large, well-designed, refurbished kitchen
- A fireplace
- A swimming pool
Resale value is reflected in both the inside and outside of the house, so it is important to take both into consideration before investing.
Homeowners who are trying to sell their homes should keep in mind that the outside of the house will make the first impression on potential buyers so the lawn and garden should be well groomed before the house is put up for sale. This can be as easy as putting down some sod, filling a barren garden with flowers and adding some potted plants to the front porch or steps. These added touches will undoubtedly draw potential buyers in.
With that said, potential buyers shouldn't necessarily turn away from a home whose landscape is slightly tattered. If a home is stunning on the inside, but shabby on the outside a few hundred dollars is usually all that's needed to take a withered landscape from grubby to gorgeous.
An important factor in investing in a home that will have resale value is to realize potential. Each home a perspective buyer looks at may not have the exact features necessary guarantee high resale value, but often many of these accents can be added in after the home is purchased. In fact, often remodeling and refurbishment charges pay for themselves twice or three times over when it comes to selling a house.
Buying a home is similar to baking a cake. You can easily purchase the essentials and some people may indulge regardless, but if you add extra time, care, icing and sprinkles it will be that much more appealing and those you have cleverly enticed will end up fighting for a piece.
