Time To Buy Your First Single-Family Home? Tips For Choosing One With Good Resale Potential
Posted on: 6 August 2021
If you just beginning the process of buying your first single-family home, you probably aren't giving much thought to resale, but perhaps you should. In the United States, most families will buy and sell several homes over the course of their lives. Changing family sizes, changes in employment, retirement, divorce, death, or just the desire to live in a different climate or area are some of the most common reasons that families give for selling one home and purchasing another.
While it may not seem important now, prospective homebuyers who take the time to focus on homes that meet certain criteria are often able to enjoy a better resale experience later on. Buyers who want to help ensure that the home they purchase now will also be easy to sell later can use the following tips to guide their home search process.
Make sure the space fits the most basic expectations
Homes that have fewer bedrooms and bathrooms than neighboring homes are likely to be much harder to sell than those that fit the basic buyer expectation of three or more bedrooms and two or more baths. If, however, a home has extra space that could easily be converted into another bedroom or bathroom during your years of ownership, it may still be a good candidate for resale after the work is completed.
Choose a universally desired design
While homes with unique designs and layouts can be strikingly beautiful, they may not hold the type of universal appeal that will help the home sell in the future. Instead, prospective buyers may want to consider limiting their home search to those designed as a single-level home, or if more than one level, a home that includes a main floor master bedroom suite. The reason for buying a single-story home or one with a main-floor master suite now is that when you resell, it will be a better fit for the larger pool of buyers who want to avoid stairs due to age or mobility issues.
Choose a great location
Location continues to be one of the best factors for ensuring the best resale value of residential homes. Prospective buyers, even those without children, may want to limit their search to those located in popular school districts to help ensure later resale value. In addition, homes with safe, well-designed streets, protective covenants, access to parks, and near stable employers typically hold good resale potential.
To learn more about buying a single-family home that will be a good candidate for resale, prospective buyers will want to discuss their situation with a real estate professional who offers valuable experience in navigating the local real estate market.
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