When buying a home it can be easy to fall into the trap of only worrying about personal tastes. However, it is often the case that a home will need to be sold again down the road. Therefore, it is important for buyers to consider how certain features may affect the resale value of a home in the future.
One thing most Realtors seem to be in agreement on, is the importance of location. This may be the No. 1 factor in determining resale value for a home. Most issues can be fixed or changed when it comes to a home, however the location is permanent.
Legacy Point Realty Broker Colby Meals explained it is important to buy a home in an area that is considered desirable. He said buyers should consider whether the home is near schools, parks, shopping and other amenities.
Mary Adams with Ebby Halliday Realtors agreed location plays a big role in determining how desirable a home is to future buyers. She went on to say the layout of the home is also fairly difficult to change and is therefore important to consider.
“Some people may not mind if the floor plan is a little different,” Adams said. “But, for example, some people turn the garage into a room but some people want garages. A lot of people like single-story homes. Resale on a single-story home can be easier. People also like a split-master floorplan with the master on one side and the other bedrooms on the other side of the house.”
Meals explained although it is not impossible to change the layout of a home it can be cost prohibitive.
“A home that has a unique layout or different design may not appeal to a majority of buyers, making a resale more difficult,” Meals said. “Even though you may like the uniqueness of a home, not everyone has the same desires, especially when it comes to their home.”
Broker for Sher-Den Realty Scott Broiles said the most popular floorplan right now is the open floor plan.
“If a home has chopped up rooms it needs to be updated,” Broiles said. “I also think it needs to be a three bedroom plus. You also want to make sure the house is level. The main thing is the foundation. Everything else can be fixed. That can cost a lot more in the long run.”
Broiles encouraged buyers to be on the lookout for signs of shifting within a home that could be an indicator of foundation problems. The foundation of a home is often costly to fix and any evidence of movement will likely deter future buyers.
Once permanent and costly issues are considered, then it is time to consider more cosmetic features of a home. Meals explained things like countertops, flooring and paint can be changed fairly easily and cost effectively. For this reason, it may be advantageous to purchase a home that needs these type of updates at a lower price. Once those features have been updated, if done correctly, the home is likely to sell more easily in the future.
In terms of the cosmetic condition of the home, Adams said the home being outdated can make it much harder to sell.
“I personally, can see past that because I like to fix things up,” Adams said. “But a lot of people see it as a lot of work. So, the condition of the house may be great but if they walk in and can’t see passed that it will be a problem.”
Adams pointed out another feature that can either help or hinder the sale of a home — a pool. She explained people either love pools or they absolutely do not want a pool. Therefore, a pool can be considered a selling point or may make it more difficult to sell depending on the market conditions and what buyers are currently looking.
Broiles emphasized the importance of price. He said a well-priced home will sell quickly while an overpriced home will sit on the market longer. When considering resale value, it is important to look at how much is being paid for the home and how much it is likely to sell for in the future.