What would you say if someone asked you how easy you think it would be to sell your property—before you’ve even bought it? Although it may seem too early to think about resale value, here’s what you should contemplate during your search for a new home.
What determines resale value
The same criteria you’re considering during your house hunt—location, features, and nearby amenities, for example—can affect a property’s resale value. And when you’re selling a property, the goal is to appeal to the greatest number of potential buyers. For instance, if you don’t have kids, you might not be worried about the quality of the school district. However, future buyers with school-age children probably will be, so schools could still be part of your decision about a property.
Will other buyers agree?
If you’re only planning to stay in the home for a few years, you may be willing to buy a house that, for example, has one bathroom or a converted garage. But ask yourself whether future buyers will feel the same way.
How you can help protect resale value
Some real estate professionals say a home is only worth what a buyer is willing to pay for it, but there are ways you can help protect your investment’s resale value. Try generally appealing ways to improve or maintain the home. For example, you may want to upgrade the bathroom or kitchen fixtures or improve the landscaping, but do so with potential future buyers in mind.
Make it your own, but proceed with caution
While it may be true that the property is yours, you may want to think of resale value before making any unique or significant changes. Features like in-ground swimming pools and exotic landscaping are attractive to certain buyers, but the average buyer may not be interested in the maintenance.
It may depend on the market
Remember that there are trends in real estate—what’s in demand now may not be when you’re ready to sell. Talk with a Realtor to determine what features are trendy in your market and which ones are always in demand. He or she can offer advice about purchasing a home you love that will also appeal to the most buyers when you’re ready to move.
Visit texasrealestate.com to learn more about buying, selling and leasing real estate in Texas.
The Greater Fort Worth Association of Realtors is one of more than 1,400 local boards and associations of Realtors nationwide that compromise the National Association of Realtors. As the nation’s largest trade association, NAR is “The Voice for Real Estate,” representing over one million members involved in all aspects of the real estate industry. The Greater Fort Worth Association of Realtors serves more than 2,700 members by providing MLS services, education, governmental affairs, etc. For more information, visit www.gfwar.org.