How to Buy a Home With Great Resale Value

Posted by hasnainkhatri on December 9th, 2020

When you buy a house, it's important that you take into consideration its resale value. Someday it's likely that you may want to move up to a different home or move to a smaller home. You may need to move to a different location or you may need the money for some big emergency in the future. It's best to secure your investment by buying a property that you can probably sell at a better price than you bought it for in the near future.

Say for example that you want to buy Carmel Valley real estate. As you look through Carmel Valley homes for sale, keep the resale value in mind and you'll probably see which homes won't be suitable for your purpose. Of course it's important that you buy a house that you really like, but it's also important that you find a property other people may like too. Here are a few tips to start you out:

1. Location - Over time, the desirability of cities where you plan to buy properties can change. Each year some cities move up and down a notch, but there are a few mainstays. Studying what makes these cities a great place to invest on real estate property can help guide you in picking a house in a good location. It's always a good idea to pick a house that is near good schools because this raises the value of the property. Look at surrounding neighborhoods and cities to check whether they too are on the upswing or if they're considered bad neighborhoods to invest in. What kind of establishments are being developed in the area? How much commercial establishments are being constructed? How much houses are there? These questions can help you decide whether the location is a good one or has the potential to be prime property in the future.

2. Get to know the buyers - Take a look at local real estate advertisements and check what kinds of homes are being sold in that location. This could clue you in on the typical buyers of real estate in the area. Some spots are usually attractive to a certain type of buyer, such as young couples, or retirees, and the likes. If you can anticipate the kind of buyers that usually look through properties in that area, you can anticipate what kind of properties will be attractive to them as well.

3. Look out for outdated features - Some house features won't be so hard to update (such as landscaping, paint, etc), but some will take more money and effort than you mayfind reasonable. For example, bathroom fixtures may be easy to replace, but fixed bathtubs in an outdated style may not be so easy to update without doing some minor renovation on the floors and walls when you take it out. Other obviously dated designs that will require renovation could also lower the value of your house in the near future.

4. Look for houses with features that sell - Multiple bathrooms, spacious and tasteful cabinets and closet space, skylights, and the likes can raise the value of a house. Storage areas in bedrooms and especially in kitchens is an important deal-maker (or deal breaker) for house hunters.

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