A financial mistake I made during my first years as a home investor was buying a home with poor resale value.
Of course, I’m a newbie then – but that’s not a good enough excuse. There already exist the technology and resources I can use to make an informed decision – yes, that is reading expert tips, statistics and fellow buyers’ reviews online. I wasn’t able to consider that the house I bought would not be very marketable when I wanted to sell it down the road.
Fast forward to 2018, when I purchase my second home (with the help of my wife), we are able to consider our future plans and understood that purchasing a home with resale value and choosing a good premium variable home loan to finance it was vital for us to sell our house in the future.
Keep the following tips for buying a home that has a great resale value.
A number of bedrooms. Homes with three or more bedrooms generally sell faster. In most areas, homes that have fewer than four bedrooms sit on the market longer.
The first home we purchase only had two bedrooms and no garage. A home that has three bedrooms plus a garage thrown in can boost the number of potential buyers—even when compared to homes of the same square footage but only have two bedrooms.
The second home we purchase has 4 bedrooms. More than space, we wanted to get a home with four bedroom homes since we knew by then it would enhance the resale value of our house.
Location. Homes that are located in desirable school districts and close to leisure, shopping, hospitals, and schools normally sell better than homes outside the beaten path or in school districts that are lower in rankings. Moreover, homes in cul-de-sacs within a neighbourhood sell extremely better as well.
Our current home is thankfully in one of the top school districts, which we know will up its resale value.
Homes with garages, as mentioned above are much more likely to sell faster than those without them. Moreover, homes with plenty of closet space plus an attic enjoy better resale value. Homes with basements are rare, but those with them also sell faster.
Lot size. Larger lots also tend to sell faster than homes on smaller ones in a neighborhood —even if when homes have the same size. Our current home features a good-sized backyard, which is big enough for a butterfly garden plus small vegetable gardens. It is also a nice yard size for kids to play in, which can make it more attractive to potential sellers down the road.
Curb appeal. Landscaped and well-maintained yards sell better than those without them. If you’re buying a home with an unsightly yard, invest effort and money in landscaping efforts.
Ready for home investment?
Unlike you, I wasn’t able to fully make use of online resources to give me better chances at home investment. Start by learning more about mortgage loan types, of which premium variable home loan is included. A premium variable home loan provides the benefit of flexible repayment. Whether you need it for your own home or an investment property, variable rate mortgage can be the best decision for you.
Well, that’s it. How about you? Do you have some tips for buying a home with great resale value? Share it with us in the comments below! Good luck with your home hunt!