Resale Value: Should it be Important to Home Buyers?
Home buyers will have a variety of wants and needs as they begin their house hunting journey. What about resale value? Should that be something a buyer should consider? This article will discuss whether resale value should be important and different features that affect it.
What type of home buyer would benefit from purchasing a home with a good resale value?
In general, almost all home buyers will benefit from having a home with good resale value. Millennials are one group that should always have this added to their list of needs in a home.
This younger generation tends to stay in homes for a shorter period of time (5-10 years) and will need to make sure their home is sellable right off the bat.
The home buyers who are certain they will be staying in their home permanently are really the only group who may not need to have resale value held as such an important factor.
However, just like the real estate market, futures are unpredictable and a house that was supposed to be a long-term home may end up being a short-term home. Even if it is not the most important factor for a home buyer it should at least be considered.
What type of home features BOOST resale value?
When it comes to resale value of a home, home buyers want to look at features that would be appealing to a general population.
Layout – The number of bedrooms and bathrooms are important to buyers. A 2-bedroom, 1-bath home will be much harder to sell down the road versus a 3-bedroom, 3-bath home. With kitchens, bigger is almost always better. Closet space, and main floor laundry areas are also some features people find appealing.
Location – Purchasing a home that is in close proximity to shopping, entertainment and other community areas will be a great selling point for the future. People don’t usually want to drive long distances for basic things such as purchasing their groceries or get to the doctor.
Condition – A house that has a recently updated kitchen, bathrooms, or even structural items like a roof or HVAC, will attract the attention of buyers.
Lot size – Finding a house with a decent sized yard is a plus because it is perfect for entertaining friends and family. Entertaining features in homes are a perk for many people!
What type of home features REDUCE resale value?
Pools – If you live in a warmer location like I do in Savannah, Georgia, or farther south like Florida, having a pool is a plus, however if you live in the northern states, having a pool can be a major downside. The time and money to keep it running and maintained is often seen as not worth it just for 3 or 4 months of use a year.
Personal Designs – Homes that have highly personal or unique features like bright colors, busy patterns or out of the norm floor plans can put off buyers. The goal is to keep your home generally appealing to a wide set of people.
Overly Upgraded – If a house has dozens of fancy upgrades but its neighboring homes do not, it may be harder to get a good value on the home in the future. Another thing to consider with neighbors is how the home’s exterior looks in comparison to other homes. If it sticks out or looks like it doesn’t fit in, that will decrease home value as well.
Lack of Storage – Storage is an important factor for many buyers. Homes with a few tiny closets, no basement or no garage may not be perceived as a good buy. Unless buyers are the minimalist type, odds are they need a decent amount of storage.
More Home Value Resources
- Factors That Influence Your Home’s Resale Value – Ferris Property Group
- Home Improvement Mistakes that Impact Resale Value – Bill Gassett
- Remodeling Ideas to Increase Home Value – Anita Clark
- Value Increasing Energy Efficient Home Improvements – Michael Roberts Construction
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