Even if you plan to purchase your forever home, it’s essential to think of the future. Life may take you in an unexpected direction.
Before buying a property, you should know how to understand it’s resale potential. Ensuring it will appeal to others if you must make a move is necessary to make the purchase a positive investment.
One way to stay on top of your home’s value after the purchase is by hiring an appraiser to estimate its worth. They will analyze factors like the structure’s quality, the square footage, a home’s rooms and the neighborhood’s characteristics. Their expertise is beneficial to gain before putting in an offer on a property, even if the seller has already hired their own professional.
As you navigate open houses and private showings, know what to look for when judging the resale value of your potential home.
Research the Location
The location of a home directly impacts the value and demand of the property. Do your research to find out about its school systems, economy and nearby entertainment. Finding a property developed in an up-and-coming neighborhood can turn your initial purchase into a sizable return in the future.
Even if you don’t have or plan to have children, local schools are essential to increase the value of a home. When you live in an area without nearby educational institutions, your buyers’ pool is limited to a specific collection of purchasers by mostly excluding families.
The home’s interior may have been the main selling point, but make sure the exterior shows off plenty of curb appeal. The outside of your property is the first thing others notice as they pull in for a listing or drive by to view it in person. Even if it lacks appeal right now, consider how you can improve it. Sometimes, a fresh coat of paint and an investment in landscaping can improve the appearance dramatically.
Besides looking for the best features of a home, consider these red flags before committing to making an offer.
- It’s been on the market for an extended period.
- It’s the highest-priced listing in the neighborhood.
- The home requires significant renovations before it is suitable for living.
Research crime rates, the police presence and the types of businesses that thrive to ensure the community is safe.
Need assistance? We will be happy to meet with you and share our guidance. Schedule an appointment today. Call us at 855-768-8845.