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Wise Purchase Decisions Can Benefit Your Home's Future Resale Value
While a real estate investor is concerned with the income potential for a property, a home owner can be equally concerned with the future resale value of a first or second home. Forecasting future resale value based only on current information can be a difficult exercise, but there are some telltale signs of a property that will be able to keep its resale value.
The mantra of location, location, location most certainly applies to residential real estate as it does to the financial viability of a business. Simply put, a home on a busy street that sees a lot of traffic and is in a less-than-desirable part of town will sell for far less than a home on a quiet neighborhood cul-de-sac.
Picking your home carefully initially can save you later as you go to market your real estate. Of course, location is something you can never change for your property, so making a wise decision in your purchase will help facilitate the ease of an eventual sale.
While common sense can dictate a lot of the choices you make about location, outside help is also available. Zillow.com, for example, will show you the property values of surrounding properties. This can come in handy as you determine whether your home is in a desirable area or one that has been declining in attractiveness.
Few things can draw home buyers to a particular area like a high quality school district. The desire to give children the best possible education drives home owners of every budget. Making sure that you pick a home in a great district can help you as another piece of the marketing puzzle for your real estate sale.
As you can see from these aspects of your home, if you buy a home sensibly, you will be able to sell it more readily as well. The quality of a school district is just another one of those traits. Buying a home for the right reasons can save you stress later, giving you plenty of ammunition to hit a potential buyer with after showing interest in your property.
The Home Itself
Of course, the one thing you have the most control of after the purchase of the property is the home itself. You may not be able to control the changes in your neighborhood or school district, but you can control the condition of your property and the way you accent the best features of your property.
As you go through the process of purchasing real estate, make sure that there are elements of the property that not only speak to you, but allow for some attractive showing options when it comes time to sell. While this may seem like a counterproductive activity, it can also save you from a headache down the line when you go to sell your home and have few defining features to show off.
Buying a new home is an exciting time and landing the perfect home for you can be an exhilarating experience. However, in the midst of all of that excitement, spending some time thinking about the potential resale value of the property can save you thousands of dollars in the future should you decide to sell the property.
If you keep the location, school district and architectural uniqueness in mind, you will not only end up with a home that you are more satisfied with during your stay in it, but also a property that you can more readily sell when it comes time to move. It can be natural to forget about the long-term effects of a home purchase amidst the excitement in the short term, but spending time now to at least think of these aspects will benefit you tenfold down the road.
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We respond right away! -Colleen & Joe Lane, Realtors®
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