Shopping for a new home is an exciting experience. As you’re finding home listings that catch your eye, it can be easy to fall in love with the features that are ideal for you & your family. At the same time, it’s important to think about how future buyers might view those features.
It probably seems odd to think about reselling a house that you haven’t even purchased yet, but resale value is an important aspect that buyers should weigh into their decision. The property you buy will eventually be resold – and you want to make sure your property has features that can appease the average buyer.
Here are some resale value factors to consider when buying a home:
While you’re looking at potential homes, drive around the area (and ask your REALTOR®) about nearby amenities or areas of development. Convenient access to shopping, dining, parks, schools, and other amenities can increase a home’s value. And, if new restaurants, grocery stores, and parks are being developed nearby, it can add value to the home for the future buyer.
On the other hand, pay attention to development that could be unattractive to future buyers. They may be turned away by train tracks, major highways, factories, or airports that could be nearby.
Even if you don’t currently have children, another factor to consider is the quality of the local schools. Parents (and potential parents) who are shopping for a new house will look for a highly-rated school district. Homes located in highly-rated school districts are likely to have better resale values because of this.
Layout & Square Footage
Layout styles and trends have changed throughout the years. In older homes, you may see a more structured floor plan while newer homes are likelier to have open-concept layouts.
While buyers rely on their own personal taste when it comes to layout, there are a few trends that can play a role in the resale value of a home:
- Split floor plan: Buyers often prefer for the master bedroom to be separate from the other bedrooms, so a split floor plan accommodates this preference.
- Single floor plans: One-floor living may be ideal for older buyers or buyers who are looking to downsize. It can also be ideal for first-time homebuyers who are looking for a starter home.
- Master suite: A master suite with its own walk-in closet and master bathroom is almost essential for most buyers today.
The number of bedrooms and bathrooms is something that can be a non-negotiable for potential buyers. The average-sized family will likely need more than one full bathroom, so homes that have fewer than two bathrooms and three bedrooms may be less attractive to future buyers.
The age of the home can affect the resale value because buyers may start to think about the lifespan of major elements like the windows, roof, HVAC systems, and electrical & plumbing systems.
Some older homes can have the value-added benefits of being located in a desirable historical district, but buyers may still focus on the potential maintenance costs of owning a historic home.
New construction homes (and homes that were built in recent years) are always in-demand because buyers have the benefit of not having to worry about replacing (or repairing) major elements any time soon. Another attractive benefit of newer homes is that they are more energy-efficient than older homes.
Everyone accumulates extra stuff – and potential buyers will need places to put that stuff. Attic or basement space, large closets, and mudrooms can make your home more attractive to future buyers and make your living experience more enjoyable.
Outdoor storage, like a detached garage or shed, is often considered a positive of a property listing because they attract buyers even if the added monetary value is slim.
Now more than ever, people are spending more time staycationing in their homes. This means buyers value these aspects when looking at the exterior of homes:
- A privacy fence: If a buyer has children or pets, a privacy fence can be an attractive asset.
- Patios: Outdoor entertainment areas offer an extended living space for the buyer who may want to entertain guests or spend time with family.
- Acreage or yard size: Some buyers may see properties with more acreage or larger yards as a bigger landscaping budget and extra maintenance. On the flip side, buyers can see them as options for outdoor living spaces, gardens, and play areas.
Find a Local Real Estate Agent to Guide You Through The Process
A REALTOR® will be able to find the best options for you in your home search. Team Melton is ready to help you with the home buying experience. Our team of professionals has over 50 combined years of real estate experience to assist you through every step of the process.
Contact us today to get started on your search for homes for sale in Evansville or homes for sale in Newburgh!