Buying a Home with Resale Value

No one wants to buy a house that will be unsellable in the future. Purchasing a home, although it needs to meet your individual needs and wants, the property should also be viewed as an investment. Even if you never resell your home, your children or loved ones might. There are several key features Chatham-Kent realtors and home buyers look for when identifying the resale value of a home...here are a few to consider.

Consider House Size

Square footage is one of the major limiting factors in resale. Growing families are not likely to buy tiny homes. Conversely, seniors may be more inclined to buy a smaller property. These differences in target markets make it difficult to decide how big is too big or too small. When considering house size then, look at other properties and the demographics of your neighbourhood. If yours is the smallest house on the block, that is a major restriction. Similarly if yours is a one bedroom, in a neighbourhood filled with families, this can be a restriction. At times however, if a home features quality upgrades and a practical layout, size can become less of an issue. In the end, a home of a certain size will have a maximum resale value in each given neighbourhood. Talk to your Chatham-Kent realtor who will know average values for homes in your area.

Bathrooms and Bedrooms

A one bedroom home will always have a lower resale value than a 4 bedroom in the same neighbourhood. Those are just the facts. When people begin looking for homes in specific price ranges, they will plug in the number of bedrooms and bathrooms they desire. Typically as a rule of thumb, as the number of bedrooms and bathrooms increase, so will the resale. This isn't always the case depending on the location and condition of the home, but it's a starting point. Other features including a master suite with ensuite bathroom will increase the resale value of a house. When you're looking for a home with resale value, additional bedroom and bathrooms, even if you have to fix them up, can be an asset.

Lot and Landscaping

Outdoor space and the size of a lot are big re-sale features in a property. They are also things that can't be changed after purchase and therefore need to be considered as you begin your search for a house with real resale value. Once you do find a lot, especially if it's overgrown and under cared for, you can increase the resale value of your home by improving the landscaping and curb appeal of the property.

Closets, Garages, Laundry Room and the Kitchen

These are what many Chatham-Kent realtors call "key spaces." These areas are features that homebuyers look for, and therefore, if they're present, and in excellent condition, they'll boost the resale value of a home. Closet space is huge in newer homes, but typically lacks in older properties. The same goes for garages. Both of these spaces offer much welcomed storage space for homebuyers. Laundry should be present, accessible, and properly plumbed. This is a space of convenience for modern homebuyers, and convenience sells. Finally, the kitchen has been called the heart of the home, and it needs to be functional and updated. A spacious kitchen with updated cabinets, countertops and appliances will really improve the resale value of your home.

While searching through properties, remember, renovations and landscaping can fix some downfalls, however things like lot size, square footage (to a point), and the neighbourhood are harder to change, but all impact the resale value of your home. If you need help, give me a call at 519-360-0141 or search through my Chatham-Kent real estate listings, and together, will find you a home with some real resale value.