You either want to sell your home, or you’re looking for one! Homes are investments and of course, you want the best value for it if you want to sell it in the future. How can you know if a home has a good resale value? Here are some factors…
The Ultimate Deciding Factor: Location
If your home is in a good location, chances are that your home will have a good resale value. Your home’s location itself would attract a large number of home buyers. However, if your home is in a less desirable location, its resale value will be less than other homes and would attract fewer buyers.
If you’re looking to sell your home, think back on the reason why you bought it in the first place – is it because it’s near establishments, or in a quiet neighbourhood, or due to the selling price of the home? Think about it and talk with your agent about using the information for your listing price, possible selling points, and to get the best value for your home.
If you’re buying a home and making sure that the property you want to buy has a resale value, check the neighbourhood it’s in. A tip I could give you is check city records for developments that could affect your home’s value in the future. Even though it might be appealing at present, due to future developments and changes, the property you want might be hard to sell.
Aside from location, what else makes a home have a good resale value?
If you’re selling your home, do your research – who would want to buy a home? What type of home would those buyers need? Does your home meet their needs? Or if you’re looking for a new home, here are some signs of home that have a good a resale value:
Number of bedrooms. If your home has three or more bedrooms, it would likely have a good resale value. Why? Most home-buyers, especially couples or families, would want a guest bedroom or office in their home, which they couldn’t have if a home only has two bedrooms.
Big space. Buyers would want a room spacious enough where they could hold big gatherings and have fun with friends and family. Aside from rooms, a home with big storage space and closets sell with a higher value than a home that lacks them.
Good flow and open floor plan. Home buyers love a home that lets natural light in and with open spaces that connect the rooms of the house. Aside from good flow, the home layout is also essential. Aside from a good number of bedrooms, buyers also take the number of bathrooms into consideration. One bathroom for guests, one bathroom near bedrooms, and a master bathroom will add more value to your home.
Renovations. Renovations can do wonders to increase a home’s value. Focus your remodeling efforts on the kitchen and bathrooms.
Curb appeal. Houses that look inviting from the outside, which means good landscaping, will add to a home’s value.
Look at these factors before you decide on buying a new home – or if you want to sell your home, it may be time to do some remodeling. If you want more help, feel free to message me or call me at 416-267-0855.