Whether you buy a home that you plan to sell in the future or not, you should always be aware of its resale value. The future is uncertain and you might be forced to sell the home later. Below is some advice which Indianapolis real estate professionals agree can be of help to you.
Give Careful Consideration to Features
It might seem that the more features a home has, the more valuable it will be – but unfortunately it’s not quite that simple. For example, you might be seeking a home with a nice pool prior to the arrival of summer, but according to The Metropolitan Indianapolis Board of Realtors (MIBOR), a swimming pool adds only limited value to the resale worth of your property. Yes, it does make the home somewhat more valuable, but since it can only be used seasonally, that increase in value is not really enough to offset the cost of maintaining the pool all year round.
When you inquire with a real estate agency, for instance Berkshire Hathaway Home Services – The Tim O’Connor Team, about viewing Indianapolis real estate for-sale lists, make sure to ask them about the neighborhood of each listing. The team understands that location is of prime importance because of the services available in the community like utilities, shopping, dining, entertainment, and of course the value of other local homes. Home Buying emphasizes that a desirable location will always be a strong selling point, and will likely remain attractive to future buyers.
Also when researching the neighborhood, consult different sources to learn about other important details associated with the neighborhood, like education and recreation opportunities, and the annual crime rate for the area. Take note of major projects in the community that might affect the desirability of the home in the near future.
When you see an ordinary-looking home, don’t dismiss it immediately, because it might still be a good opportunity for you. If you are the do-it-yourself type, consider remodeling opportunities, low-cost home improvements, and other smaller projects that might personalize the home and increase its eventual resale value. Even something as simple as a good paint job can often do wonders for a home’s appeal.
Of course, a thorough inspection should precede all else so you are certain that there are no hidden problems such as structural integrity issues, deteriorating parts, or outdated utility systems.
(Is a Pool a Good or Bad for Your Property Value?, MIBOR, May 20, 2015)
(Buying a Home With Good Resale Value, Home Buying, undated)