As you shop for your dream house, it’s easy to focus on the details that make you personally fall in love with the property. After all, to turn a house into a home, you definitely need a place that fits your style.The dream home you buy will eventually need to be resold, and nobody wants the headache of a property that’s tough to resell. So, here’s a list of 8 home resale value factors to keep in mind as you continue your homebuying journey.
That’s why we’ve compiled a list of 6 home resale value factors to watch for as you continue your homebuying journey.
comparable sales
Valuation is always determined in part by comparable home sales (comps) in the area. Graves says that while the nationwide average appreciation usually runs around 2% to 3%, local growth can show tremendous variation.Talk to your agent regarding the availability and compatibility of comps.
location and neighborhood
The locality and the neighbourhood have a major impact on the resale value of a home. The safer and more amenity-loaded a locale, the higher the value of homesuses built there. Before buying a home, it is advised that you research crime trends, potential new infrastructure plans, transit accessibility, community areas, and existing amenities in the area.
The size
According to census data from 2017, the median square footage of new homes built for sale in the United States was 2,480 square feet. If you assume that new builds reflect the current desires of homebuyers, that would mean a home around 2,500 square feet has a good chance of holding its value.
The layout
Over the years, layout styles and preferences have changed. And while individual buyers definitely rely on personal tastes when it comes to layout, there are a few highly valued trends that play a role in the resale value of a home.Number of rooms,Master suite,Split plan,etc
Storage space
Let’s face it, we’ve all got stuff, and that stuff has to go somewhere. In today’s market, many buyers are looking for at least one walk-in closet in the master, along with ample closet space in other areas of the house. Mudroom and laundry room storage add appeal as well.
Nearby features
While you’re looking at potential homes to purchase, be sure to take a drive around the local area. Take note of the nearby features, and think like the general buyer. Buyers often desire close proximity to parks, museums, transit systems, grocery stores, and local hotspots, so those things would add to your resale value. On the other hand, buyers may turn their noses up at nearby power lines, train tracks, major highways, airports, and factories.
