Buying a Home with Great Resale Value
RULES FOR RESALE
1. LOCATION Whether you want to purchase a home to live in for several years or to resell quickly, the #1 Rule for ReSale is location . Chances are that you may not live in the same home your entire life, so location and resale value may be important considerations when purchasing a home. The Palos Verdes Peninsula is one of the best cities for Resale Value, with an amazing award winning school district, low crime reports, family orientated neighborhoods, prime weather & views and an exceptional location most homes have no problem selling along the Peninsula.
- Another important factor to consider as you try to find the best neighborhoods is the quality of the local school system. Even if you don’t have children, you should try to research the closest schools before purchasing a home. This provides a good criterion to factor in of the attitude of the neighborhood and the type of people you’ll be surrounded by. High scores can mean parents are fully invested in their local school system and their children and this translates into how they feel about their homes.
- Though you may be looking for properties that lie in the middle of desirable neighborhoods, you should also consider how convenient the location is for a potential homeowner. The best homes will be located near all the essential businesses and have “walkability” – such as grocery stores, dry cleaners and banks.
2. NEIGHBORHOOD. Although this falls under Location, neighborhood plays a huge role in Resale, and that’s why it deserves its own rule. The most important step in finding a home with resale value is choosing the right neighborhood. One of the first things you may want to consider when researching a neighborhood is the economic stability of the neighborhood.
A desirable area will:
- Possess a good mixture of residential and commercial districts
- Have jobs for future residents
- Demonstrate consistent economic growth
- Be supported by a strong local government
In short, the ideal neighborhood will represent the best of worlds, offering residents both privacy and convenience.
3. MORE THAN 2 BEDROOMS
If almost every home in your neighborhood has only 2 bedrooms, owning a home with fewer than 3 bedrooms is most likely not a drawback. But it is a drawback if you’re trying to attract, say, a couple. Many couples need a guest bedroom and an office, if not an office for each occupant. A home with 3 bedrooms or more is always a better choice to ensure future resale value.
4. MORE THAN ONE BATHROOM
Buyers will still buy a one-bath home but they expect to pay much less for it. Given a choice between a two-bath home versus a one-bath home, first-time home buyerswill almost always opt for the two-bath home, even if the cost to install a second bath is much less than the price difference between the two homes.
Moreover, it’s not enough to simply have two or more baths. A home without a master bath will suffer a lower resale value.
5. FAMILY SPACE
The term family is a bit misleading. A family space is any space in which a group of people can congregate. Whether to entertain friends or host a neighborhood gathering, buyers want an extra room that is spacious and informal. The days of the formal living room and parlors are over. Every space in a home today has a specific purpose and sometimes a dual purpose.
6. STORAGE SPACE & CLOSETS
Don’t ask me why, because it goes against my grain, but people in the 21st Century collect too much stuff. They’ve got to store it somewhere. Walk-in closets are almost an essential. Homes with small closets are hard to sell.
7. ONE LEVEL
When I was a kid in the 1950s, homes with 2-stories were more desirable but that trend has reversed itself. Even if the sacrifice is yard space, most buyers prefer a one-story home. Single levels are handicap accessible. However, in neighborhoods with a mix of two-story and one-story homes, don’t buy a single-level home surrounded by multiple-story homes as those have a bad home resale value.
8. GARAGE
Unless you live in an urban area that relies mostly on public transportation, you need a place to park your car, preferably 2 parking spots. If it’s a covered, enclosed area, all the better.
9. GOOD FLOW, LAYOUT
Few buyers want a chopped-up, closed-in space. Home buyers prefer natural light and open spaces, with a common sense flow that is interconnected without satellite rooms. A wing is acceptable; however, many families with young children do not want the master suite separated from the other bedrooms.
10 .UPDATES REMODELED
Simple, do-it-yourself home improvements can greatly enhance a home’s resale value. The two best rooms to remodel are the kitchen and baths. Home buyers prefer central heat and air, and some loans such as the energy efficient mortgage will provide for such updates upon purchase.
