Wednesday, September 05, 2007

Resale Value: A Determining Factor

Everyone has their own idea about how the perfect house should be. But there are often overlapping ideal qualities that most buyers will look for in their dream home. Here are a few things to consider for strong resale value in your new home:

House Size

A house's value is usually determined by others near it in its neighborhood. If you buy a larger house in the neighborhood, its resale value will be lower. Conversely, if you decide to purchase a smaller or medium-sized house in a neighborhood filled with larger homes, these larger homes will pull up the value of your own. Decide whether it's more important to live in a nice neighborhood and a small home or a less-desirable neighborhood and a large home.

Bedrooms, Bathrooms & Closets — the Numbers

Three- to four-bedroom houses tend to be the most popular choices. If you can shoot for this range your home should have a good resale value. It's also become the norm to have at least two bathrooms — one in the master bedroom, one for everyone and at least a half bath for visitors to wash up in. Each hallway and nearly every room in the house should be equipped with a closet. The homes with the most spacious closets (think walk-ins for bedrooms) are typically the most desirable.

Home with a View

A beautiful view definitely helps the resale value of any home, but also consider how future buyers might feel. You won't want to raise the price based on the view and assume every buyer will feel the same way about it. Typically, the most desirable are mountain views, beach views, cityscape views and horizon views.

When looking at houses and properties, don't forget to keep in mind how they might sell in the future. Your home is a big investment, and a careful purchase now will help give you extra funds to move up in your next home purchase.

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