Considering A Home’s Resale Value

You may be searching for your “forever home,” but it’s hard to predict if another move is in your future, whether by choice or by changing circumstances like getting a new job. So while you are searching for a home that meets your criteria, you should also consider how well it would do on the market should you need to sell. You don’t want to buy a home that would be difficult to sell, requires a very specific type of buyer, or puts you at risk of selling it at a loss.

Here are a few factors to consider that can impact a home’s resale value:

1. It has potential to add living space. For example, a full unfinished basement, even if you personally have no use for one, will help you if the time comes to sell. Finishing the basement before you sell will add value.
2. It stands out in the neighborhood because there are no other homes quite like it. Don’t buy or build something so unique that it would make it difficult to sell. If a two-story colonial-style home is in a neighborhood of simple, ranch style homes, selling it may be more difficult.
3. It’s an overpriced property. Don't buy a home that isn’t in line with the neighborhood's average price, or it may be difficult to resell without taking a loss.
4. Pay close attention to what is near the home. Buying a house near busy businesses and noisy street traffic can affect your ability to easily sell the property.
5. Take a careful look at the lot. The lot that a house sits on can affect resale. Is the view from inside the home a pleasant one? Is the house near undeveloped land? If so, is a new neighbor a possibility?
6. Risky driveways and the overall condition of the lot matter as well. Poorly constructed driveways that have you enter the roadway without being able to see oncoming traffic will make many buyers nervous. Steep driveways that pose slippery risks in winter also make a home less desirable to buyers. The grading of the lot should also not be sloped towards the house. Buyers will think about how this sends water right towards the foundation of the home.
7. It has a shared driveway. While you may not mind sharing the maintenance of a driveway with your neighbor, another buyer might see this as a potential headache.
8. It’s located within a great school system. This matters even if you personally don’t have kids. When you sell, your potential buyers may have search criteria that include a great school system.

Even when buying your dream home, resale value is something to consider before you buy. Weigh your chances of selling this new home in the future. If you think with certainty you are there for the long haul, resale value may be something you can put less emphasis on.

If selling is a possibility in your future, look for a home that will make the process easier for you. When in doubt, ask your real estate agent for an opinion on the resale potential for the home you want to buy.