Buying A Home With Good Resale Value

Buying To Sell

Unless you like to flip real estate, buying a house with the thought of selling it probably doesn't cross the radar screen. Yet, it really is something to factor into your awareness when you are out "house hunting". What happens if you have to move? Maybe you'll be relocated in another part of the country, or another country! Life happens and by purchasing a home that has good value and saleability you stand a good chance of doing well, even if you haven't been in the place long.

The reality is that even though we think we'll grow old in one place, we probably won't. Most people do not live in the same house their entire lives. So, with that in mind, it is wise to buy with selling in mind-even if it is far back in your mind. It's true, finding a house that will suit you now and have great resale potential takes time and lots of looking, but the future dividends are well worth the time you take.

Location-Location-Location

When you are looking for that specific piece of property that will give you pleasure now and money in the bank later, there are a few things to bear in mind. The first, obviously, is location. We hear it all of the time: location-location-location. That mantra is powerful because it is true. What to keep in mind is that what is considered good location today may not be tomorrow, but even so, it's a good rule of thumb. Ask a few questions about the locations you are considering. For instance, why are these specific neighborhoods so popular and in demand, and how long have they been considered prime property? Are there other areas that are up-and-comers? What are the city's or town's plans concerning residential growth? Are there new developments in the offing-commercial or residential? Where? What about infrastructure-water, power, schools, hospitals, shopping-for future development?

Who Will Buy Your House?

Check out the primary purchasers in the area you are considering. Are they mature people in retirement or young families with growing children? If the primary purchasers are older, then buying a home on one level is a good idea since most older people aren't particularly fond of stairs. On the other hand, if the families are younger, buying something with the potential of adding bedrooms and bathrooms is a good investment. A large yard in a quieter area away from busy streets is also a good consideration.

Do You Really Want To Do That?

You may have found "the quaintest" house in the world, but if you are thinking of resale, than outdated features are something to avoid. One small bathroom and electric baseboard heating are a couple of things that are considered liabilities. You would have to invest in renovations and consider a new heating system to give the house saleability. While outdated features can be problematic, they can be useful if you can manage to use them to leverage a good deal on the property. Then, with the savings, you can do the renovations.

A Quick Coat Of Paint, And Voila!

Cosmetics are the finishing touches on things that make a house look nice. A coat of paint can take years off an interior or exterior for a small investment in time and money. A kitchen can be refreshed with new hardware on the cabinets and new appliances. The entire feel of the kitchen can be changed with a coat of paint to the cabinets, or glass doors on some of the cabinets. New light fixtures, skylights, and even new switch plates can brighten and liven up a living space. When you're looking for a place to buy that can be resold, watch for the need for cosmetic repairs. This alone can keep the buying price lower and then, with a little extra money you can add thousands of dollars in value to the resale price.