One almost inevitable part of buying a new home is that, ultimately, one day you will sell it. Now, not everyone buys and sells multiple homes throughout their lifetimes, but most buyers will purchase more than one home as their family and space needs necessitate. And while considering the resale value of your home is likely the last thing on your mind, it should be a factor in purchasing a new home.
Here are some of the resale value factors to consider before buying a house.
Square Footage
It stands to reason that square footage is a driving factor in not only your home’s purchase price at its current value but the purchase price at its future value as well. Many real estate agents start with a basic per square foot price when listing a home with factors such as the neighborhood, proximity to amenities, and other things taken into account.
While there’s a good chance the square footage of your home will not change while you live there, understanding what drives up the price per square foot is worth knowing. You may actually end up adding on to your home which will in turn increase the square footage and ultimately the home’s overall value.
Number of Bedrooms and Baths
Perhaps one of the biggest driving factors in home valuation is the number of bedrooms and baths a home has. A two-bedroom/one-bath house versus a two-bedroom/two-bath house will have appreciably different home valuations with the two/two holding a significant edge over the traditional two/one.
These factors aren’t necessarily the be-all and end-all factors when it comes to resale value, but they’ll make a big difference with potential buyers looking to either upgrade or differentiate between homes with similar square footages. In most cases, buyers will lean towards having more than having less which can not only affect your resale value but the overall demand for your home in the long run.
Overall Layout
The layout is important when searching for a home with good resale value, and while it can’t always be changed simply, it will have an impact on how potential buyers perceive your home. Open floor plans are often staples of the modern home, and those with open living room and kitchen floor plans are generally highly sought after and command higher prices in the resale space.
When considering a home for resale value, look to simple, yet highly functional layouts as an indicator of potential future resale worth. Large, open concepts tend to indicate higher resale values while cramped, somewhat closed spaces will reverberate potential without the actual bottom dollar resale cost to go with it.
Future Construction and Development
Doing some research ahead of time for potential construction additions or local governmental developments will prove to be key aspects of future home valuation. In other words, consider the value that could be added to a home with some strategic additions or construction work in order to add square footage of possible property space.
Additionally, seek out any public records that may indicate plans for the local government to intercede on your behalf in improving your property value. Things such as major highway construction adjacent to the property to public parks or school construction can have a major, lasting impact on the value of the home you’re looking to purchase.
Plan for Your Future Home Today
It’s always important to take into account the potential value of your future home. If you are ready to get pre-qualified, get in touch with Tidewater Mortgage Services, Inc. for the best mortgage and financing solutions for your future plans!
