Looking to buy real estate in Middle Tennessee? Start your property search today!
No matter what your motivation for moving is, there’s a good chance you won’t be living in the home forever. That is why when searching for a home you should consider its potential resale value. Looking at your home purchase as a business decision will help you satisfy current needs as well providing a future financial benefit. Here is a list of items to keep at the top of your mind throughout the home search process:
Location, Location, Location – Purchasing a home in a desirable area will most likely guarantee you value over time. Safety, quality of education, walkability, and proximity to amenities are all common factors that make a neighborhood desirable. Aside from these factors, another way to determine if a location is desirable is to look back on its market stats. Appreciation rates, days on market, and inventory levels will help you predict the level of desirability for an area.
Age/Condition – Generally speaking, as a home gets older, it becomes less valuable. However, there is a point when a home becomes so old that it begins to have historical significance, which can increase the value of the home as long as it is in good condition. Ultimately the condition of the home is a large factor. Buyers may be willing to pay $10,000 more for a well-maintained home that is move-in ready over a home that needs $5,000 in repairs. The better the condition of your home, the more likely it will retain it’s value.
Layout – Homes with more square footage don’t necessarily make them more valuable. An open concept can make a home seem more spacious. The biggest needs for homebuyers are the bedrooms and bathrooms. Typically three to four bedrooms are ideal for most families. Homes with more than one bathroom tend to have better resale, especially a home with a master bath. Other features that can boost the resale value of your home is a garage, plenty of closet space or storage, ample natural light, and large family areas.
Upgrades –When it comes to upgrades and additions, not all are created equal. Adding rooms or features to a home are generally good, but if your home is “over improved” compared to other homes in the neighborhood, it could hurt your ability to make a return on that investment. Kitchens and bathrooms are typically the best rooms to remodel. Also, it can help to keep records of any upgrades or repairs to show to potential buyers that the home is well-kept.
By considering these factors when purchasing a home, you will be better equipped to make a decision that will not only meet the needs of today, but will provide you will a sound investment for your future.
If you have a real estate need or question, give us a call at 615-933-1000 or email us at info@livingtn.com today!