BUYERS SHOULD CONSIDER RESALE VALUE BEFORE MAKING A PURCHASE
I am all for throwing caution to the wind and getting the home that makes you happy. However, you have to be able to sell it in the future. It seems like a silly thing to think about now but I bet many sellers today wished they had considered resale value before purchasing their home. Here are a few tips to consider before making one of the biggest investments in your life:
LOCATION
This may sound obvious but avoid buying a home next to power lines, quarries, on main roads, adjacent to parking lots, hospitals, fire stations etc. You get the picture, right? I know some buyers will buy for a zip code or school district and the only homes they can afford are in subpar locations. Just know it could be challenging to sell your home in the future!
STYLE
In the DC metro area, uber modern contemporary homes can take a long time to sell. Tudors aren't as popular as colonial homes here - it's just a fact. Buy what you like but if you are risk averse and don't have a preference, I would suggest you go with a straight forward colonial, cape, or rambler home. Know your area and understand the trends.
FLOORPLAN
Go for a home with 3-4 bedrooms on the main or upper level and 2-2.5 bathrooms. It's harder to sell 2 bedroom homes or homes with one bath. Unfinished basements are a sign that buyers can ask for a severe discount. I have shown homes where the bedrooms were in the lower level and the kitchen, family room and common space was upstairs. These homes take a long time to sell. Pick a plan that works for your family and that you can sell in a pinch!
LOT
Understanding the lot before you purchase is key. Buyers love flat, private, wooded and walkouts. Buyers don't like hills, slopes, treeless and odd-shaped lots.
OTHER
Is your garage in the basement or the main level? Can you easily back out of the driveway? Is their a place for guests to park? What color is the house? Do you have landscaping? I want you to love your home! My advice is to be prudent and to consider what it will be like to sell! Remember Buyers are Sellers and Sellers are Buyers!!!
Happy house hunting!
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