There are two sides to any real estate story. The first is buying a home so that you can sit back and enjoy the comfort of it. There isn’t anything that can come close to the benefits of home ownership and the freedom that goes along with it. The other side of the story involves the equity that you are building up in a home. You can either decide to stay in the home virtually forever and use it as your retirement home or you can use the equity to upgrade in the near future.
If you’re planning on buying a home and then reselling it within the next 5 to 10 years, there are certain things that you should keep in mind. While you’ll want to find a home that you love and gives you a cozy comfy feel, you’ll also need to look for one that will be appealing to buyers later. To help you find this perfect combination of warm and appealing while having it resalable later on, here are some home buying tips you’ll want to follow:
1. The crime level in the area
Look for a home that is located in a low crime area. You can find out the crime statistics on most local police sites and you can also discuss this issue with your real estate agent. You’ll want to live in a safe neighborhood and be able to resell the home based on its location in a low crime area.
2. Future development planning
Find out what types of development plans are in the works for the area in the upcoming 5 to 10 years. New schools, residential homes and shopping complexes can all add to the value of your home in the future.
3. Minimum square feet
The houses you look at should have at least 1200 ft.² of livable area. When a home has less square footage, it can be more difficult to sell.
4. Two-story or bungalow
Two-story homes are often more appealing to young families with children but bungalows are more marketable to people that are settling down for their retirement years. If you are planning on staying in the home into your retirement you’d be best off looking at a bungalow so you don’t have any stairs to manage during your golden years. As far as reselling the home in the future goes, both bungalows and two stories sell equally well.
5. Skip the backyard pool
Homes that come with extra special features such as a pool can be more difficult to sell later on. Although you made love the idea of having a pool in your backyard, if you’re only in this house temporarily and are looking at its resale value you may want to skip getting a pool this time around and get one later when you upgrade.
It can become a fine balancing act trying to find the perfect home to live in and one that will be easy to resell later on. You need to make sure to discuss your long-term and short-term housing goals with your real estate agent. This way, you can end up with a home that you love to come home to every night after work and a home that rises in value and is easy to resell later on down the line.
Featured image source flickr.com/photos/remodeleze/3663490596/
