When it comes to your first home purchase, don’t let the thrill of ownership distract you from future planning. As life’s circumstances can shift and change over time, so too should our decisions when selecting a residence. Considering resale value is key as this could be essential if plans down the line require relocating or selling-on in the years ahead – giving your decision-making an added layer of confidence!
Location Matters
Location is a key factor when it comes to selling property. Not only must the home itself offer features that appeal to potential buyers, but its surroundings matter too – from schools and roads, all the way down to nearby retail centers for convenience. Having an attractive location cannot just speed up the sales process; it may also lead one’s residentially-located investment towards higher returns in the end!
Floor Plan
Homebuyers crave sensible spaces, and a well-thought out floor plan is always in high demand. Investing time and effort into renovations that don’t alter the home’s structure will be your best bet for future resale potential – with small changes now, you’ll reap big rewards later!
Number of Bedrooms and Bathrooms
When thinking about how many bedrooms and bathrooms a home should have for resale purposes, the choice isn’t clear-cut. Beth Clark from The Farrelly Group/Coldwell Banker states that three or more bedrooms are ideal to secure potential buyers in the future. Moreover, having two or more bathrooms – specifically one with an en suite living area – can significantly increase sale value, while only providing one bathroom will result in reduced profits upon selling. It’s no surprise that first-time buyers prefer houses with multiple bathrooms to those with only one!
Kitchen
Kitchens are widely recognized as the centerpiece of a home – high-traffic rooms that unite family, friends and neighbors. Based on recent research by housedigest.com, homeowners consider them to be the most important room in their dwellings; perhaps because they bring together timeless trends with practicality for future generations. With styles evolving each season, these multifunctional spaces should have an element of changeability to meet modern needs while preserving classic beauty along the way.
Storage and closet space
Homebuyers who appreciate older, historic homes are drawn to their distinct charm; however, this comes with the trade-off of reduced closet and storage space. If homeowners decide they need more space for storing items away, it is possible but often means compromising the living area – a decision that usually isn’t met with enthusiasm.
Homes Condition
Many homebuyers appreciate older homes with classic charm, but it’s critical to assess their condition beyond an aesthetic level. Even if the exterior of a property appears well-maintained, neglecting its inner workings – such as its heating systems, plumbing and electrical components – can drastically affect both your sale price and future resale value.
Mortgage Interest Rates
Economic trends rarely move in a straight line, but an up-and-to-the right graph is great for homebuyers. When economic conditions are favorable, a strong housing market with a higher resale value can be observed.
- Gross domestic product (GDP) is on the rise.
- Low unemployment nationwide.
- Consumer confidence is at an all-time high.
- Low mortgage interest rates over time.
Purchasing a home is an invaluable investment. If you plan ahead for 2023 carefully, the future will thank your present self!
