Buying A House With Resale Value In Mind

Buying A House With Resale Value In Mind

It’s one of​ our biggest investments and some of​ us are doing it​ more than once during our life.

Like many things in​ our life that have changed dramatically, so did our habitation practices. Most of​ us don’t stay in​ one house for the full duration of​ our lives as​ it​ used to​ be for many people in​ previous generations.

Our modern dynamic life style and economy, calls for flexibility, mobility and frequent changes, People are following their jobs and careers even if​ it​ means moving from one side of​ the nation to​ the other.

This tendency is​ in​ line with our culture of​ consuming society. We replace everything faster, we treat cloths, cars (some just lease), refrigerators and our dwellings like fashion items with short longevity.

When we decide to​ buy a​ house we need to​ think in​ terms of​ sort to​ medium range periods of​ time and that should bring us to​ consider the resale value of​ our home in​ the future.

Buying a​ home with good resale value might take a​ little longer, and it​ might take a​ bit more work on your part, but you'll love the payback later, when it​ sells quickly and puts extra money in​ your bank account.

The first consideration should be your family needs but it’s cleaver to​ keep an​ open mind about what might suite future buyers as​ well.

The most important three factors are: location, location and location... :-)
Indeed, it’s first thing to​ consider when looking for a​ home. So, what makes a​ good location?

There are some general elements which are obvious like:

- Does the neighborhood have easy and fast access to​ the schools, shopping centers and country club.

- It’s wise to​ pick a​ house that is​ located relatively elevated above the area, that can provide two advantages: a​ flow of​ good air and a​ nicer view.

- How many neighbors are adjacent to​ you and/or across you in​ proximity, off course the less the better.

- a​ house located at​ the end of​ the street will suffer less noises from the neighbors and their guests. if​ the street is​ a​ dead end it’s even better. a​ corner house may have more light and air.

- The positioning of​ the house towards the north if​ it’s a​ warm area as​ opposed to​ the south in​ cold areas. in​ general, a​ rule of​ thumb and this one is​ general and found right to​ many locations around the world, as​ strange as​ it​ may sound, the northern neighborhoods are usually more desirable than the southern ones exactly as​ the western ones are more prestigious than the eastern ones.

- The size of​ the lot, its shape and the square footage of​ the house itself.
if​ the majority of​ buyers in​ your area are young families with children,
consider a​ house with a​ large yard that's not fronted by a​ busy street.

- There are many other environmental aspects to​ consider with respect to
personal preference like a​ green agricultural area vs. urban area,
quality of​ schools and other social services and facilities.

In addition to​ these external considerations there are many important internal elements that can make a​ house quality higher and buyers are always looking for, such as:

- Closets, lots of​ closets and with as​ much additional storage space as​ possible.

- Light and bright - Homes with lots of​ natural lighting are very popular.

- Split bedroom plans, with bedrooms on each end of​ the home, are increasingly popular with buyers.

- if​ you live in​ a​ scenic area, having a​ view can help you sell.

- Plenty of​ bedrooms, baths and Rest rooms.

- Large and convenient kitchen with as​ many cabinets and cooking space as​ possible.

- The tendency to​ work from home calls for a​ suitable room to​ be set as​ a​ home office.

- Laundry and dryer machines located at​ the same level as​ the bad rooms.

- a​ spacious basement is​ a​ plus.

Features to​ avoid

- One-bath homes sell for significantly less than homes with at​ least two baths and they take longer to​ sell.

- Electric baseboard heat and electric ceiling heat are not as​ desirable as
central heating systems. a​ fireplace in​ the living room is​ a​ plus.

- Tubs and showers in​ outdated colors, or​ scratched from years of​ improper cleaning, might be hard to​ change without ripping out doors or​ walls.

- Popcorn ceilings date a​ house, you know, those bumpy ceilings that were so popular in​ the 1970's.

Your first objective is​ to​ buy a​ home that's right for you, but do consider its resale value before you make the final decision, especially if​ you know you'll move again within three to​ five years. a​ careful purchase now will help give you extra funds to​ move up with the next time you buy a​ home.

Home Inspections

Depending on the type of​ financing you choose, there should be either 2 or​ 3 separate inspections on the home you want to​ purchase. The first should be your own basic inspection (see the bottom of​ this page for what to​ look for), the second should be a​ professional whole-house inspection by a​ reputable person. Should you select a​ government loan (FHA or​ VA), the third inspection should come at​ the time of​ the appraisal, which to​ some degree amounts to​ a​ "mini-inspection." Do not, however, rely on this appraisal as​ your only inspection of​ the property!

We cannot emphasize enough the value and necessity of​ an​ extensive home inspection. Many home purchasers, either in​ the desire to​ save the $200 to​ $500 that a​ good inspection costs, or​ due to​ simple ignorance, have spent enormous sums of​ money repairing items that any good home inspector would have pointed out. Any offer to​ purchase you make should be contingent upon (subject to) a​ whole house inspection with a​ satisfactory report. Do not let anyone not the agent, not your family or​ friends, and especially not the seller, dissuade you from having the property thoroughly inspected! Not only will you sleep much sounder after you have moved into the house, a​ professional inspection can give you an​ escape hatch from a​ contract on a​ defective house. if​ the contract is​ written contingent on an​ acceptable inspection, any defects in​ the home must be either repaired or​ monetarily compensated for.

If you are not satisfied, you have the option to​ cancel the contract.

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