They say there’s no time like the present – but it’s important to look to the future, too!
When you’re looking to buy a new home, don’t just think about the years you’ll be spending there, but about the opportunities for resale when the time eventually comes, too.
Here are five tips for knowing whether or not your potential home has good resale value.
Look At Potential Developments In The Area
Changing neighbourhoods can have a huge impact on the resale value of the homes in the area. Is the neighbourhood that your potential new home is in a good one? Is there new developments on the horizon or does it look as though there may be economic troubles in the future?
Purchasing a home in an area that has been consistently sought-after is an effective way to ensure your home has good resale value.
Consider Local Crime Rates
Potential buyers are increasingly careful when checking out the crime rates in neighbourhoods they may be moving to. If you live in an area where the crime rate is increasing, the resale value of your home may be affected in the long run.
When purchasing a new home, try to avoid any neighbourhoods where crime rates are consistently a concern or are quickly increasing, as this will likely affect the resale value of your home in future.
Look At Realizing Your Home’s Full Potential
You may, for now, be happy with the way your home is, but looking out for potential improvements you could make in future is a good way to tell where resale value could be increased.
For example, could you extend your home to add more space? Convert the attic into a bedroom? Add a pool or other feature to make your garden more valuable to future owners?
Prevent Potential Problems
Fixing any big issues when you move in will leave you with more time and money to add other improvements to your home when you eventually wish to sell it. If you move in and think that you may have to replace the roof or some of the flooring eventually, get it out of the way first.
You’ll struggle to sell your home for a good price if new owners are having to counter in the cost of these crucial replacements, so take care of them yourself sooner rather than later.
Have Your Home Valued
Have a realtor give you a valuation of your home and give you pointers on where you can improve it in order to make the most on resale value when you eventually want to sell it.
While the resale value will likely change over the years, this is a good way to get pointers on how you can improve your home in the years that you live there.