It’s never been more important these days to be mindful and smart about the things we buy, especially when it’s a high-priced item like a house. Unless you plan to hold onto yours forever, your home’s resale value is as important as its purchase price.
Several things factor into the value of a home, and while market conditions come into play, you can influence the outcome through informed decisions. Here’s a checklist of factors to remember as you start your home search.
If you’d like to learn more, get in touch with me. I’ll make sure to guide you on how to buy a house with good resale value.
The concept of an “ideal location,” let alone an “ideal home,” may differ to each person. But home appraisers determine how much value to assign a home through key indicators. These include the distance to recreational facilities, proximity to public transit and decent-rated schools, and opportunities for work.
In real estate, size matters. And how the space is utilized matters even more. It’s been known that homes with more space have better resale value because it indicates a comfortable living experience. That said, it depends on the local trends. A spacious home in a city where small spaces are common might be highly valued, but it might not be the case in suburban neighborhoods where bigger lots are the norm.
Curb appeal and upgrades
Features like landscaping (e.g., a white picket fence with well-kept flower beds) as well as upgrades (e.g., a decorative molding or an installed smart home system) contribute to the value of a home. Why? First impressions are critical, and these impressions must be positive even before you enter a home. Later on, upgrades can boost the property’s value. A bit of sprucing up never hurts.
Maintenance and upkeep
Houses experience wear and tear, so it’s important to consider a property’s maintenance needs. Apart from judging the house’s age and overall condition, get down to the specifics. Check the roof, the HVAC system, the wiring, and the plumbing, especially if it’s an older property you’re eyeing. Will you be able to afford the maintenance costs to sustain these features until the next owner?
If you want to have a good understanding of the true cost of a property, consider the potential of the neighborhood. Will it develop commercially? Will they build an expressway over that decreases its value? Will street parking become limited? Prospective developments in the area will have an impact on local home prices.
Make the Most Out of Your Real Estate Investment
Negotiating for a great purchase price is only half the battle in home buying. I hope that, through these tips, you’ll be able to find a home that can give you significant returns on your investment.
Let me, Kathleen O’Keefe Galigher, help you on your home search in La Quinta CA real estate. Call me today at 760.567.7822 or reach me at okeefe(dotted)kathleen(at)gmail(dotted)com to get expert home buying advice from one of La Quinta’s top realtors.