Your Home As An Investment
There are several factors to consider when you purchase a home. Most home buyers intend purchasing a better and bigger home at some point in the future. This makes the resale value of a home an important aspect when deciding to purchase a property. It is normal to use the proceeds from selling your existing home for your next one.
Location is extremely important when the time comes to sell your home. To gain the maximum potential for gain when you invest in a home, you should buy a property that will appeal to most of the potential buyers when you decide to sell. You need to decide on the best neighborhood if you are considering location as a resale factor. If you cannot afford the homes in a particular area that you know has excellent resale value, the answer is to buy the smallest home in the best area and ensure that it is surrounded by the most expensive homes. A small home among mansions will not cost you as much, but you can always extend your home when you have cash available. This will then put it on the same level as those larger homes around you.
Homes with a wonderful view often have more value than those without. It is advisable to buy a home with a view if that is what you want personally. You may be willing to pay for a view, but many home buyers will not increase their bids on your home simply to get the view. You should not pay very much extra for a house with a view as most home buyers do not place importance on it at all.
Size of the House
Houses in every neighborhood vary in room numbers and overall size, but they do not often differ very much. If you are buying merely with resale value in mind, you should not buy the largest house on the street. Market value of homes is normally determined by other homes that surround it. If the houses that surround yours are small, it could be reducing the value of your large home. If your home is the smallest one on the street, the larger houses around it will increase its value.
The most popular homes among buyers are those that have three or four bedrooms. The most popular number of bathrooms is two and if you have a home with two and a half, it is an asset. You need at least a family bathroom and an en-suite to the master bedroom. A third one as a guest toilet is the ideal situation.
Sufficient closet space is of great importance. Homes with walk-in closets in the main bedroom are very popular. A linen closet is a great extra to have.
Garages add extra value to your home and you should have at least a two-car.
There is no guarantee that your home will increase in value over the years, but you can attempt to maximize the potential future gain. Do sufficient research when you intend buying a home with an excellent resale value.