The experts agree. The time to think about selling your home is the day you buy it. When you consider a home’s resale value right from the start, it will be easier to sell it when the time comes. Carolyn Roberts, president/broker of Roberts Real Estate, Inc. says “A professional real estate agent will help you identify factors that will determine your home’s value.”
According to an article by Glenn Setzer in Mortgage News Daily, first-time homebuyers will stay in their home for only five years, unlike their parents who bought for the long haul. Besides considering how a house fits your immediate needs, you need to look ten or fifteen years down the road. Setzer advises that you be willing to look at a home’s flaws as well as its good points, before making a purchase.
Here are five factors that can most affect your home’s resale value:
1) Location. That is a number one limiting factor. Zoning could affect what kind of neighbors you have down the road. Highway traffic and low-flying aircraft can create noise. An older neighborhood may or may not suffer deterioration in five years. Also consider what type of odor-producing industries might be nearby. The converse is also true. A historic or high-end neighborhood could actually increase your home’s value over the years.
2) Lot Size. View the landscaping with an eye for resale. Is the house situated too close to the road? How much space is there between your home and the house next door? Is the backyard large enough for entertaining? Is there suitable privacy? Is the lot level or does it have slopes that make it difficult to groom?
3) Curb Appeal. Just as the first look got you interested in going inside, so it will also lure another buyer one day. But if the home you are buying doesn’t have sufficient curb appeal, you’ll want to consider how much effort and money it will take for you to enhance that part of the property. Also, consider the rest of the neighborhood. A decline in nearby properties also will affect the value of your home.
4) The Home Itself. Most homes hold their resale value if they have the following features: at least two bedrooms, more than one bathroom, a family room or den, plenty of storage space, and a garage. If any of these are not fulfilled, you’ll want to consider the home’s expandability. Is it possible to add an extension or another room, or does it have an unfinished basement that can be converted into a family area?
5) The Extras. Some buyers also look for extra frills, such as master suites with garden tubs, open floor plans, spacious updated kitchens, fireplaces, security systems, and inter-room sound systems. These are all things that should catch your own eye when you view a home for yourself.
While shopping for your home, a good real estate agent will be able to help you think ahead, especially where marketability is concerned. Your agent should have a handle on how the market is doing now and how it’s expected to change over the next five years or so.
If the house you are viewing has been on the market for a long time, that should be a red flag. Ask your agent to find out why it hasn’t sold before this.
Finally, as you become more serious about a particular home, consider what repairs and upgrades you might have to make as the years go by. Will your budget be able to handle these improvements? Are you already anticipating changes you’d like to make? Your agent will be able to tell you if such changes will help make your purchase a more lucrative resale possibility someday.
What’s your Ocala home really worth? Roberts Real Estate specializes in personal service backed by a deep knowledge of the local community. Let us assist you with a market analysis to determine the value of your home. Call (352) 351-0011 to speak with one of our agents today.