Buying A Home With Resale In Mind

by Guest Author on October 4, 2012

Buying a home is an exciting time for many, but even when buying what is planned as a forever home it is important to keep in mind that the home may need to be sold at some point in the future. Caught up in the whirlwind of house hunting and personal wish lists resale may be the last thing on a home buyers’ mind.  First time home buyers are often in the position of having a limited budget and no experience with a difficult reselling of a home, so keeping in mind several important factors when searching for a home can prevent a frustrating resale later on.

Location, Location, Location!

Location is always stressed when purchasing property because it is something that cannot be changed or remodeled. A home on a busy street or intersection is often a tough sell. Many potential buyers will not even take the time to look at a home on a busy road because of potential safety issues for children, or possible noise problems. Take that into consideration when looking at homes. The same goes for homes located near airports or other noisy public transportation.

Another factor in location is the neighborhood. Are the homes nearby well taken care of, and is it mainly a residential neighborhood? The home you are considering may be beautifully cared for, but if the other homes in the area are falling into disrepair it will bring down the value of your future home as well. Also, being located near businesses can lower the property value of a home.

Layout Both Inside and Out

Very unique or specific layouts of either the home or the lot can also be problematic. Most home buyers want some type of yard. A lot with little or no yard area may be an okay tradeoff for you, but future home buyers will often be uninterested in homes without yards. Also a home with unusual floor plans, such as rooms that can only be accessed by walking through bedrooms or other private areas would work for a single person or even a young couple, but would not be conducive for a large family.

Old vs. New

Older homes have their own quirks which many modern homebuyers are not willing to overlook. These can include bedrooms without closets, and that can be a huge resale problem as well as a big renovation that will take away from the size of the rooms. Today’s homebuyers are typically looking for at least two bathrooms, and a one bathroom home will be a much harder resell. Of course, bathrooms can be added later, but keep in mind the cost before purchasing a one bathroom home.

The Usual Assets

Some things will always be a great asset, and those are important to keep in mind. Is the home in a great school district? Is it near parks and other community resources? These are universally attractive to young couples with an eye to the future, parents with children of all ages, and even older people because they know they are moving into a family friendly area with a focus on community.

Day and Night

Visit a potential home at different times of the day on different days of the week to notice how busy the neighborhood is, the traffic, and the noise. These things can all be easily missed on a first visit to the home when a home buyer may be focused primarily on the physical attributes of the property itself. Bringing a friend or family member that currently owns a home and whose opinion you trust can also be an important help because they may have experiences you have not and notice something that you never considered.

Home buying is a big commitment, for many it is the biggest investment they will ever make. Therefore, it is crucial to make sure that this investment makes sense for you now, as well as in the future when a resale may be necessary.

About the Author: Steve Shanahan is the Executive Managing Director at Real Capital Markets, a company that provides cost-effective solutions for Commercial Real Estate Sales, bank REO, non-performing/performing note sales and more.

Sundaybell is an online service allowing homebuyers and home sellers the opportunity of learning more about real estate and meeting and interviewing real estate agents in their area while remaining anonymous.

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