Although it may seem unnecessary to consider resale value when looking for a new home, resale value is actually important to remember because, even if you’re buying your forever home, it will need to be sold again one day. Although every home buyer has their own “must have” and “never again” lists, there are elements from each that can impact the home’s resale value. Here are a few you should consider, especially if you’re torn between two properties you love.
Location
We’ve all heard a Realtor® say the biggest factors in a home’s sale potential are location, location, location. That’s because there are so many elements that go into location. Here are three things to consider when it comes to the location of a home.
Location in the neighborhood: For many buyers, a through street is not ideal because they often have more traffic. Many buyers with small children prefer a cul de sac. Others want the often-larger corner lot and some never want to live on a corner again.
Convenience of the neighborhood: Is the neighborhood near the highway for easy access to downtown? Is there shopping, childcare and recreation nearby.
The neighborhood itself: Depending on the type of home, the neighborhood may be geared toward families, couples or seniors. Does the neighborhood have the right amenities for the target demographic? Families often want sidewalks for their children’s safety. Seniors sometimes want quiet so you’ll want to consider noise, like frequent flights over the home. Constant emergency vehicle sirens and traffic noises can detract from resale. Also, look beyond the neighborhood. Do you see signs of future development that could make your home choice less than ideal in the coming years?
The Home Itself
If you know you’ll be selling the home within the next five years and don’t plan to do any remodeling, consider the condition of the home today and imagine it after five years of wear and tear. Things like granite and quartz countertops, wood or tile flooring, energy efficient windows and appliances, and a good floor plan can influence the resale value. If you’re seeing things in the home that you want to change should your budget or time allow, consider those in your offer, especially if you plan on selling the home in the near future.
Because of our military bases in the area, we know some buyers want to own their homes but are only able to be residents for a few years. Resale value is even more important when you know your time in the area may be just a few years.
If you’re buying or selling a home in Tampa Bay, trust Jason Duraj and his team at Future Home Realty. As a full-service real estate brokerage office, we can help you with all aspects of buying and selling. Call us to schedule a consultation at (813) 992-7771 today.
