Homebuyers have a wide array of tastes and desires for the properties they are interested in. While one amenity of a home may be alluring to you, a number of other buyers might not be as interested. If you are a first-time homebuyer, it is important to consider different aspects of a property that can affect its resale value, says RealEstateABC.
In the past, a majority of the attention a potential buyer put on a property tended to go toward the structure itself. However, as family units grow in size, a number of experts say the size of the entire lot is becoming more important. Lots tend to be smaller in newer homes, but that doesn't mean you do not have options, so it is important to shop around. If you look at a home where the majority of the backyard is a swimming pool, this is a red flag that it could be difficult to resell.
Meanwhile, buying a home with a meticulously manicured lawn has its own issues. A finely crafted yard may be more expensive for you to buy right out of the gate. If you want a return on your purchase, you need to keep up this maintenance over the years, which might be difficult.
When looking at properties in a certain neighborhood, you should do some research to see the average size of the homes. If you opt to buy the largest home on the block, while the rest of the surrounding properties in the neighborhood are much smaller, its value may grow slowly. That's because people looking in the neighborhood have cheaper options.
In contrast, if you buy the smallest home in an area, and the neighboring homes are all much larger, this could speed up the appreciation. This is why it is important to determine how long you plan to live in this home early on.
Bedrooms and bathrooms
The number of bedrooms and bathrooms a home can have a serious impact on its resale value. Properties with three to four bedrooms are the most popular, so try to stay in this range. However, if you require more space, five is acceptable, as long as you don't have to invest too much extra money for the added room. Meanwhile, if the home has less than two bathrooms, it could be more difficult to resell in the future.
Owning a home is a major financial step and should be part of your overall financial plan. After making a mortgage rate comparison to find the best loan, Freedom Mortgage can help you stay on top of your mortgage.
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