Loading Up Your New House with Resale Potential
59Can you tell just by looking whether a new home community will eventually become a good resale area in the future? What is the formula that can assure you that the neighborhood will age well, keeping values as stable as possible?
It’s a good question to ponder when new-house hunting, and is often overlooked by buyers in the emotion and excitement of a new home purchase, when model home "glitz" and presentation tend to dazzle them.It's a wise buyer who thinks about the future re-sale of his new home, even when he or she hasn't even started to occupy it yet. Many real estate professionals can tell you about the elements (amenities, options and upgrades) that can become assets when you someday want to or need to sell your home, potentially reaping you a higher sales price than comparables in the area and (if it’s priced right) even requiring a shorter marketing time when that day comes.Some of the "big ticket" choices you may be faced when you buy will have to do with lot size, garage size, and room count. Should you pay extra to get that premium lot with the extra-deep back yard? Perhaps the way to look at this is; did that home site with the extra deep back yard sit for very long after the builder released it for sale? Was it difficult for the builder to sell? Probably not. The largest lots and best locations, even if the lot premiums seem a bit exorbitant, are usually the one sales consultants have people on waiting lists for.As for garage size, it seems that Americans love space, even when they don't think they're going to use it all. The saying "there's no substitute for square footage" must be the mantra of every new home agent selling the luxury of a three car garage. We use that extra stall for everything from toy storage, exercise equipment, workshop, or even - (gasp!) a third car! When faced with the decision to buy your home with or without it, and, say, the cost of the option runs an extra $7,000, it may be easier to view it as an extra, perhaps, $42 a month or so to your house payment. And, since you may not plan on living in the house for the entire thirty years for the loan to be paid off, you'll never end up paying the full price for it to begin with unless you pay cash.Room count can be a tricky one. Cramming too many bedrooms in to a small square footage can rob a home of its appeal. Hallways become narrow, living spaces can be compromised, and bedrooms feel cramped. Ahuge house with too few bedrooms is dangerous as well.To preserve resale value, be careful not to permanently eliminate your home of too many of its bedrooms by remodeling, removing closets that cannot be restored, and ending up with a two bedroom home (unless it is a condo or townhome, where that is more acceptable).
Choosing flooring options and cabinet upgrades is one of the more "fun" parts of buying a new home. For resale potential you’ll want to stay as neutral as possible on colors and finishes that are permanent. Go ahead and go wild with color in your home with everything else (pain,. furniture, draperies, etc.) if the spirit moves you, but staying with neutral colors in your flooring and counter tops will permit you to market your home someday to the widest array of potential homebuyers. There are many other options and upgrades that can offer good resale potential as well. Topography is one of them. Although many new home areas are completely flat, land developers and builders who care about issues such as streetscape appeal put forth an extra effort to try to make new home communities look less boring. Meandering streets (not a straight row of structures) tend to be more appealing, as are a variety of floor plans designs and exterior elevations, alternating single and two-story homes, and using different color exterior palettes, including roof tiles and trim work. Builders will also alternate right/left hand garages and even create exclusively corner lot renditions, perhaps placing the garage access on the side of the house, rather than in front.It’s fairly easy to observe whether the builder has gone the extra mile to create the differentiation and "custom" feel of the neighborhood by how it has designed the exteriors and laid them out. Most new neighborhoods have rules that govern what homeowners can and cannot do with their homes’ exteriors, helping, in theory, to keep the neighborhood neat and attractive for as long as possible. Pay attention to newer neighborhoods nearby that already indicate obvious violations of the most common rules that may apply, such as permanent exterior basketball goals, too many cars parked consistently in driveways, garage doors kept perennially open and shoddy or neglected landscape maintenance. Property values can be affected by the apparent "pride of ownership" in a particular community. The greater display of pride, the greater the chances will be that values will be protected.Unfortunately, no one has that crystal ball that can assure you, as the buyer, that the new home you buy will keep its value, appreciate, or be easy to sell when the need arises. You can, however, do enough investigating on your own as to whether the neighborhood you decide on is a good bet. And that may be all the assurance you may need to make your final decision.
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