You want to purchase a home that will give you a good resale value later on. This is something that all real estate investors should be paying attention to before purchasing a home. Buying a home that is easy to resale in the future will make your life much easier. Look at the type of home you’re planning to purchase that may be attractive to future buyers.
Your Personal Resell Checklist
When you’re looking to purchase a home, check to see if some or all of these features are offered:
1. Location of the home. Is the home located in a good neighborhood that is close to schools, stores, freeways, etc? If the home is central to many shopping areas and good schools, this will attract future buyers as it is convenient and not out of the way for them.
2. Check the crime rate for the area you’re thinking about purchasing in. What are the crime rate statistics? Is the neighborhood safe? If a potential buyer is looking to move their family to the area, they’ll most likely shy away from neighborhoods that have high crime rates to keep their family safe. The home needs to be located in an area that has little to no crime, as this will look more attractive to buyers.
3. Anticipated growth for the area. Will there be new schools, stores, future planned homes, etc in the area you’re purchasing in? How will this affect you in the future? When investing in real estate it’s important to be looking into the future and how certain things now might affect you later. Will these new constructions in the area potentially bring down the value of the home you’re trying to sell? These are important questions to keep in mind when looking for your next investment.
4. Look for homes that have at least three bedrooms as part of your prospective home purchase. This will help resell your home in the future. Most people are looking to purchase a house to get out of the small apartment or rental they are currently in. If you purchase a two-bedroom house intending to sell it later, it may have a harder time with buyers. When buying a home, the amount of space that the potential buyer wants is important to you. Always be thinking one step ahead.
5. You may want to consider having a garage that can accommodate a minimum of two cars. This is usually an attractive and expected feature for buyers. This mildly ties into the previous tip. The more room the house has for their family or expected family, the better. People want to get out of their tiny current situation and buying a house should look and feel like an upgrade.
6. The number of bathrooms is also important. Getting a home with a minimum of two bathrooms is a must when purchasing a home for future resale. Let’s say you buy a property that has three bedrooms, and a two-car garage, but it only has one bathroom? This can seem unbalanced and cramped. If you can’t find a two-car garage, get the property that has at least two bathrooms to accommodate the three or more bedrooms.
7. Make sure the home you’re considering has a fireplace, air conditioning, and heating system. Who wants to buy a house without good air conditioning and heating system? The answer is no one. If you decided to invest in a property that does not have a decent central air system, calculate this as something you will need to fix for a quicker and more profitable return.
When you purchase a home, just think of being able to get a good return on your investment if you had to resell. In most cases, at a bare minimum, you want to get the most money you have invested in your property out of it. Be wise when you’re investing in your next big property and it will help you in the future!