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Just as all properties are not created equal, they don’t all offer good resale value.
You may love having the only Victorian house on a street full of modern dwellings, but how many buyers will be turned off by being so conspicuous? Down the road, the home you purchase will eventually need to be resold and no one wants to deal with the endless headaches that come with an unsellable property.
Here are seven important home resale value factors to keep in mind during your search.
You can change many things about a house, but you can’t change the area in which it’s located. Whether you prefer something urban and walkable or in a quiet residential area, take time to fully assess your potential home’s location and the surrounding area. It will be much more challenging to sell a house that’s situated next to the freeway than it will be to sell one that’s nestled in rolling hills and boasts a stunning view. While everyone has unique preferences, be mindful of what is most likely to appeal to the masses when it comes time to sell.
Let’s face it: a home’s ‘wow’ factor is important. Attractive, well-maintained properties are likely to sell more quickly and for more money than those that are overgrown and dilapidated. In fact, according to Consumer Reports, curb appeal can increase a property’s value by as much as 5%. If you’re planning to purchase a home with a lackluster exterior or unsightly grounds, be prepared to invest serious time and money in improvement efforts.
Floorplans, home styles, and consumer preferences have changed over the years. Although individual buyers rely on their personal tastes when it comes to the layout, some trends continue to play a significant role in the resale value of a home. For example, many buyers prefer the open concept floorplan, which increases resale value. A master suite is practically a requirement these days, and dual master suites are even better. Many buyers also prefer a split plan, in which the master bedroom is situated away from other bedrooms for added privacy.
Most of us have too much stuff and we definitely need a place for it. Today’s home buyers are looking for at least one walk-in closet in the master along with ample closet space in other areas of the house. Storage in the laundry room and mudroom also add appeal. On average, appraisers add $4,000 in value for automobile storage space, which can include carports, garages, and assigned parking.
Any aspect that seems odd or unconventional has the possibility of limiting the pool of potential homebuyers in the future. These offbeat details can add charm and individuality, but because they’re based on personal preferences, things like stained glass windows, extreme hardscaping, and elaborate built-ins often have a polarizing effect.
A homeowners’ association (HOA) can be helpful when it comes to resale value. That’s because HOAs are there to keep residents in line, preventing your neighbors from letting trash build up on the lawn or painting their houses neon yellow, which could definitely reduce the value of homes in the community. Purchasing an HOA-regulated home isn’t for everyone, but the covenants and restrictions they impose could boost its value.
While you’re looking at prospective homes, drive around the local area and take note of nearby features. Parks, museums, transit systems, grocery stores, highly-rated schools, and local hotspots are generally desirable, so proximity to those things will add to the home’s resale value. On the other hand, potential buyers are likely to be turned off by nearby power lines, factories, highways, and airports.
It’s easier to avoid making a home-buying mistake when you’re aware of the factors that can influence resale value. Do you have questions or would you like more information? The knowledgeable professionals at Certified Title are here to help. Please reach out to us anytime.
About Certified Title Corporation: Since 1994, attorney-owned Certified Title Corporation has been furnishing residential and commercial real estate stakeholders across the nation with robust title insurance, settlement, and escrow services. Renowned for industry-leading reliability and an exemplary level of service and quality, the Maryland-based company helps clients from all walks of life achieve their asset goals. To learn more, call (888)486-5511 or visit https://www.certifiedtitlecorp.com/.