There are numerous elements involved in choosing a home to purchase, but there is one significant factor that is often overlooked by potential homebuyers. Although you may intend on living in your next house for a long time, you should always think about the resalability of a home.
Considering this factor can help homebuyers easily decide between two houses they love and promotes wise financial decisions. Often times, there are characteristics of a home that could discourage buyers, but aren’t regarded as an issue by all homebuyers.
For example, people who do not plan on having children, or whose children are grown, may not take school zones into consideration when looking for a home to buy. However, this is an important criteria to many homebuyers and can significantly affect a buyer’s ability to sell the house during a future down-market. Additionally, having a home near large power lines may not bother some individuals, but likely has an influence on the number of buyers interested in the house for sale.
When you are considering several homes in the same price range during your home search, be sure to consider all factors that could potentially affect the number of interested buyers.
Of course, price is typically a significant determining factor for homebuyers in their search. Finding a house that seems to be underpriced when we are in a seller’s market usually suggests that there is some problem affecting its value. You may be able to purchase a house for what appears to be a discount due to the issue, but you’ll need to consider if you will have to sell it at a discount in the future.
A house with an old roof or outdated bathroom can be updated, but you won’t be able to move a lot that backs up to a major highway. You should also do some research to find out about any major changes coming to a neighborhood or area of town.
For example, you’ll likely pay a premium to purchase a home on a golf course, but probably won’t be able to sell it at a premium if the golf course closes and the land is redeveloped. Additionally, buying a house in an up and coming area of town could result in major appreciation of home values when you buy a home before the area is fully developed.
This is why it is so important to have an experienced real estate agent working to help you get through the home buying process. Experienced real estate agents will be able to tell you about factors impacting the future sale of a home and can help you make the best decision for the present and the future.