So, you finally found a home of your liking? Have you considered to the resale value of it?
Most people, before buying a home, do not estimate the resale value of it as things like comfort, size of the home, low interest, low monthly mortgage payments, etc occupy the forefront of their mind. Buying a home with low or zero resale value can turn out to be a disaster. At some point, you would like to move on to other places in the search for better employment/business opportunities. So, why not think the whole process through and look for signs in a home that show a high resale value.
What are the indicators of a home with good resale value?
1. Is located near the city center
This is a sure-shot way of ensuring that you will get a sizable profit on reselling your home. City center is a central part or the business area of a city. This is where most of the high-end restaurants, bars, cafes, etc are present. Unless something drastic happens, you can rest assure that you will profit from your investment.
On a side note: You can also rent out your apartment. By renting it put to a wealthy family, this investment will repay itself many times over.
2. Has more than one bathroom
Having more than two bathrooms is essential when there two or more working people staying in the house. A working-class couple would like to own a house with two or more bathrooms. This will save their time as each member of the home will have a dedicated bathroom of their own. Having two or more bathrooms is also essential when you have guests coming to your home.
3. Has a garage
No one wants to park their car at the side of the road or under a tree somewhere. Parking your car outside your home is not safe. Your car can get jacked by a thief or incur damage by natural calamities. By buying a home with a garage attached to it, you can be certain of its resale value.
4. Has decent neighbors
This might not be as important for every home buyer but having a decent neighborhood does increase the resale value of a home. No one wants to invest in a home situated in a ghetto area or some desolate place where no one else is around.
5. Has more than one bedroom
A home with only one bedroom can be a major turn off for someone who plans to have a family in the future. Also, a couple would never buy a home with just one bedroom. They would want more than two bedrooms. One for themselves, one for their children and the other as a home office(if they work from home).
I bought a home with a low resale value. Can I still increase its resale value?
There is no one answer to this question but generally, it is a tough task to increase the resale value of a home with major disadvantages. You can’t physically move the house to a better location, but you can definitely improve the aesthetics of the home. Refurnishing can increase the resale value of your home by 20-30 percent.