Homebuyers treading the real estate market in search of their dream home often focus on the factors that suit their needs while they living at the property. Many overlook the home’s future resale value. Yet, according to the National Association of Realtors®, you should approach choosing a home as a business decision. The location of the property, its size, layout and condition all influence whether the home is a sound investment, or whether you will have resale problems later on.
Check out the Neighborhood
Location influences the value of real estate more than anything else. Homes in a desirable location attract a larger pool of buyers; competing buyers typically push up prices. Although a good location is subjective, most homebuyers want homes on a safe, quiet street convenient to school, work and amenities. Homes facing a strip mall or business park often sell for less due to their unappealing view. Conversely, homes with a good view sell at a premium. Check out any future developments that might impact the view before you buy.
Layout and Configuration
Regardless of the square footage of the house, the configuration of the rooms plays an important role in establishing resale value. For example, inadequate bedrooms and/or bathrooms could negatively impact the value of the property. Homebuyers typically want three or more bedrooms, according to the National Association of Realtors. Beware homes with five bedrooms or more, however, as this could be too much for homebuyers to handle. Walk-in closets, open plan living accommodation, laundry rooms, a high-functioning kitchen and a master bathroom usually raise the resale value of a home.
Additions and Renovations
Some remodeling projects add instant value to your home. Replacing old, worn out siding provides the great return on investment and achieves the highest resale price. Adding a bedroom puts your home into another price category, so convert your attic or finish the basement for an instant injection of equity. Quick kitchen fixes, such a replacing the cabinet doors and adding new sinks and faucets, typically increase the value of your home by the exact dollar amount you spend on the update. Adding a master bath can add 20 percent to your home’s value.
The Role of the Agent The price of your home is affected by external factors. For example, if a local employer moves out of town, the value of Las Vegas homes will likely decrease. Interest rate hikes, unemployment rates and even birth rates impact house prices. Thus, it is impossible to accurately predict the future resale value of a home. However, an experienced real estate agent can help If your home is ready to sell, ask your agent to prepare a home value estimate. This document analyzes the current selling prices of comparable homes in your neighborhood and sets a price range for your home.
Call 910-821-3510 to let one of our qualified agents help you with your real estate needs.