Home buyers and homeowners should always be thinking someday they will want to sell their home. When buying a home you need to keep resale in mind. The location of the property is extremely important. This takes into account the following factors: type of street, schools in the area, neighborhood, and homeowners association, etc. Buying a castle may be the ideal home for you, but the pool of potential buyers for your home may be less. Another example, is buying the most expensive or lowest price home in a neighborhood, this creates an additional challenge when selling. When making renovations to the property, think about the effect the modification will have on the resale value. Updates to your property should be similar to construction styles and amenities within the neighborhood. It is extremely important to maintain your house, such as, fixing leaky faucets, doors that stick, and foundation problems, etc. Using foresight and doing maintenance on your property will help you enjoy the benefits and realize a greater sales value when selling.
I always try and preach this to my buyers - they may say they will never be moving, but you never know. Good info, thank you!
I currently have a young buyer who, when we walked in the home, when directly to the back yard. I had to chuckle to myself. What concerns me were the power lines that he noted. I gave him the buyers advisory which contains a section with a website about the dangers of powerlines. He still insisted on the property and I stated that he has to contemplate the resale value as well. Apparently is didn't make a difference because I submitted the offer. All we can do is inform.
So true! Everytime I discuss this with a buyer the response is "I never would have thought of that"... stats show we move areound quite a bit, it is unlikely that my buyers will all be the exception to the rule. It also encourages them to return to you as soon as they decide to sell :)
Great info and post John. Resale potential should definitely be a real consideration when buying a home.
All the Best!
Adell
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