How Your Home’s Location Can Affect it’s Resale Value
Everyone has heard the three most important words when buying a home: location, location, location. But there is another related consideration you should also keep in mind: resale value, resale value, resale value.
When purchasing a home, many buyers focus on finding a space that suits their current needs. While this is important, it’s equally crucial to consider how the property will perform on the market in the future. Buying with resale value in mind can significantly impact your long-term financial gain. Here are some key reasons why you should prioritize resale value when purchasing a home:
1. Market Appreciation
In general, real estate appreciates in value, but not all properties appreciate equally. Homes in desirable neighborhoods with excellent schools and convenient amenities are more likely to see significant value growth. Floorplans and previous upgrades also play a huge role in resale value. If you consider these things during the purchase process, you can set yourself up for substantial returns when it’s time to sell.
2. Appeal to Future Buyers
When choosing a home, think about how appealing it will be to future buyers. Homes with updated kitchens, well-maintained exteriors, and functional layouts tend to sell faster, at higher prices, even in poor markets. The more universally appealing your home is, the easier it will be to sell when the time comes. If your decorating tastes are too specific for a wide audience, it will lower the value upon resale and take longer to sell.
3. Home Improvements that Pay Off
While most home upgrades add value to your home, some upgrades have a higher return on investment than others. However, as with buying the home, you must consider the type of upgrades carefully in order to ensure they will appeal to a wide range of buyers. Nothing is worse than spending money on upgrades, only to find out your home doesn’t sell because those upgrades were too specific to appeal to a wide variety of buyers.
4. Peace of Mind
Knowing that your home has strong resale potential can provide peace of mind. Life is unpredictable—plans can change and you may find yourself needing to move sooner than expected. Purchasing a home with resale value in mind ensures that you’ll be able to sell it without significant financial loss, regardless of your circumstances.
Conclusion
Real estate is a significant investment. If you’re working with us to purchase a home, we will bring our experience and knowledge to find you a home that not only suits your immediate needs, but also sets you up for future financial success when you decide to move. If you're ready to buy a home, we’re here to guide you every step of the way. Let's make sure your next home is one you'll be proud to sell!