Importance of Resale Value in Property
There are many factors that affect the resale value of a property. Before making any hasty decisions, it’s essential to do your homework because you can never judge a book by its cover.
Location Matters: Scenery vs. Industrial Surroundings
Picturesque scenery or industrial surroundings are important considerations that can significantly impact the resale value of your home. When buying or selling a house, keep these factors in mind. Buying a home in desirable locations, such as near the coast, can boost dividends beyond expectations. After all, who wouldn’t want to wake up to the call of ocean waves?
Balancing Views and Buyer Preferences
Not every buyer considers the monetary value of a view, which can put you in a catch-22 situation. Trust your instincts, but be prepared for the possibility that finding a buyer for your home might take longer, regardless of the views. In some cases, resale values have been lowered for a quick sale due to the location or neighborhood.
Land and Property Shape: A Key to Good Resale Value
In recent years, potential buyers have focused more on the structure of the house than the land it sits on. However, land is also crucial. Homes with good resale value should be on level land. In typical neighborhoods, the land should be square, not oddly or unevenly shaped. Although modern homes often have smaller backyards compared to older properties, you can still find decent-sized front and back courtyards.
Landscaping: Moderation is Key
Over-landscaped properties can be a downside. While you might expect to pay a premium for an over-landscaped property, you may struggle to reclaim that cost when you sell. The best resale values come from properties that are moderately or under-landscaped. If gardening is your forte, consider adding your own shrubbery, bushes, and trees.
Size and Location of the Home
Homes in residential areas vary in size. If resale value is important, avoid buying the largest building in the area. The market value of homes nearby can affect a buyer’s decision. Smaller or medium-sized houses can benefit from the larger homes around them, potentially increasing your property’s value.
Prestigious Neighborhoods and Property Size
Purchasing property in a prestigious neighborhood may provide more financial rewards. Opt for homes with three to four bedrooms, which are popular among first-time homebuyers. This makes reselling easier and attracts more offers. Look for homes with two bathrooms, spacious walk-in closets, and ample closet space throughout the house.
Features that Boost Resale Value
- Attached Garage or Conservatory: These features can significantly increase resale value.
- Convenient Utility/Laundry Room: Having this room on the ground floor is a plus.
- Large Kitchens: Bigger kitchens with adjacent dining and eating areas are highly desirable.
- Easy Backyard Access: Ideal for those who enjoy entertaining with barbecues.
- Swimming Pools: While pools can be appealing, they might deflate resale prices due to safety concerns for children.
Common Sense in Property Investment
Use common sense to prioritize what matters most in holding your home’s resale value. Professional real estate advice can guide you in making informed decisions that benefit your financial future.
