Starting the home buying process is fun! There are so many types of homes to choose from. Most people look for homes based on how living there would enhance their lifestyle. However, today’s lifestyle will change. It seems kind of stuffy to think of resale value, but no one knows where life will take them. According to the National Association of Realtors®, if you are buying a home it makes sense to make your choice as if you would in making a business decision. Most of us do it with cars. We think of its resale value in the event we have to turn it in down the line for a new or better car. The same goes with real estate. Where the house is located, square footage, layout and overall condition affect the home’s value both now and in the future. Here are a few things to think about that will affect a home’s resale value down the road.
THE NEIGHBORHOOD
Have you heard the term “location, location, location”? Location influences the value of real estate more than anything else. Homes in a great location will attract more buyers, and home values usually remain steady or may even rise. Homes in a good location will be easier to entice buyers that want to live in your area, which is exactly what you want if you put the house up for sale in the future!
No one can’t guarantee that the area will stay the same, but there are a few things that buyers generally look for. Most home buyers tend to prefer homes in areas that have:
- A quiet street
- Good access to transportation
- Highly rated schools
- Close to restaurants and stores
Contact the city’s zoning department to find out ahead of time if there are any future developments that might impact the community before you buy. If the neighborhood is building a strip mall, for instance, you may not want to live where there’s lots of traffic. On the other hand, homes that are near parks or recreation centers and have that “walkability” factor usually sell well.
Property LAYOUT
Most homebuyers are interested in an open floor plan, 3 or 4 bedrooms and 1-1/2 to 2 baths. Regardless of square footage, how the floor plan is laid out may play a factor in resale value. Older homes may not have open floor plans but may have more back yard space and square footage, nostalgic charm, or other features that newer homes may not have. Bedroom and bathrooms need to meet a family’s needs, so make sure the layout has appeal now and if it may be attractive to buyers in the future.
Here are some common items that will usually raise the resale value:
- Open floor plans
- A master bathroom
- A modern kitchen
- Walk-in closets
- Laundry rooms
ADDITIONS AND RENOVATIONS
Some remodeling projects can add instant value to your home. Getting rid of asbestos shingles and replacing them with vinyl siding will provide a good return on your investment and give you a higher resale price. However, don’t put siding over brick. It brings up too many questions as to the quality of the structure underneath. It’s best to get a brick mason to check it out if you have concerns. Besides, people still value brick homes for their durability.
Also, studies show that adding a bedroom or bath puts your home into another price range. Adding a master bathroom can add about 20% to your home’s value. Converting your loft or den can provide more equity. If you have a garage, you may want to consider keeping it. Men still love garages, and they can be an awesome place to store stuff. Give some thought before you take that step in converting your garage into a bedroom.
Adding symmetry to the house really helps make the home look cohesive. I’ve been in homes where every room has a different color, all the doorknobs and light fixtures are different. Sometimes even the carpet colors are different! Keeping the colors the same throughout and using neutral tones help buyers to envision their belongings in the property. Quick kitchen fixes, like replacing cabinet doors or adding new sinks and faucets may not add instant value, but they will enhance home appeal. However, don’t overdo property updates.
I met a For Sale By Owner seller who had put over $50k into his property and expects to get the money he spent on updates from the buyer. The asking price is inflated based on what he hopes to recoup from the buyer. Do yourself a favor and do the basics that will bring true value to the home so you get a great price for it when you sell. If you’re not sure get the advice of an appraiser, if necessary, so you don’t go overboard when it comes to updating your property before you are ready to sell.
THE ROLE OF THE AGENT
Hampton Roads is a place where companies and people are on the move. If a local employer moves out of town, the value of your home may decrease. The same can be true if a new company relocates to the area. The local economy, interest rates, unemployment rates, tourism – even birth rates can affect property prices. No one can accurately predict the future resale value of a home.
However, an experienced real estate agent can help. If you don’t have an agent yet, give me a call or text me. If your home is ready to sell, let’s meet for a tour of your home. I’ll also prepare a market snapshot of your home’s current value. By finding out about home sales in your area and what amenity features buyers are looking for that offer value, you’ll have a good idea of how quickly you’ll sell your home.
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