There are many types and sizes of homes on the market at any given point in time. As many of you know, when you look at several properties in a day, it is best to take a notebook along with you to jot down notes along with addresses so that at the end of the day, you can recall the property features you liked or did not like about a particular property.
Let?s take a look at some of the features you may be considering and how they may affect resale.
First, let?s take a look at the size of the home itself.
We all agree that houses vary in the number of rooms they have as well as the total square footage. It generally doesn?t matter which neighborhood you are considering. Basically all subdivisions have homes of various size, shape and construction.
As far as market value goes, buying the largest house in a subdivision is not the best idea. Why? If the majority of the properties surrounding this large home are much smaller than the one you are considering, they can actually impede or greatly lessen the amount of appreciation this property will achieve. It is best to stay in conformity size wise with the properties surrounding a home you are considering. Ironically, if you were to buy a smaller or average size home in comparison to the others in the subdivision, the larger homes can actually help your property to appreciate more in value.
When shopping for property, especially with resale value in mind, concentrate on your needs and not what you want. Buying a property with features you need in a more impressive development may actually result in better appreciation value than if you were to buy what you wanted in a development of lesser quality.
Let?s take a look inside the property. How many bedrooms and bathrooms are there? The most popular number of bedrooms and bathrooms among buyers today are those with three or four bedrooms and a minimum of two bathrooms. A home with two and a half bathrooms offers even more for possible appreciation and resale value.
What about storage space and utility area? Walk-in closets are one of the most desirable features a home can have, especially in the master bedroom. This is one time when size does matter. The larger the closet space, the better. Also, a nice size linen closet is a must in any home.
When it comes to a garage, think attached and two car garage. An attached two car garage will add to the resale value of the home. A new trend among homes being built over the last couple of years is an attached three car garage. These properties are becoming more and more popular in many areas of the country ? especially in golfing communities.
Now let?s move on to the kitchen. The kitchen is one of the most important rooms in a home. It needs to have plenty of counter space, cabinet space, ?elbow room? and for better resale value, a nice size pantry. A large, bright kitchen versus a small, dark kitchen is preferable and will add resale to the property.
Generally, next to the kitchen will be a breakfast nook as well as the family room or great room. This is the only room where a fireplace will add resale value to the home. Having fireplaces in other rooms generally means you are paying more for a feature than the average buyer will be interested in. Again, go with your needs and resale potential instead of wants or desires. The family room or great room is where family and friends will gather and having the kitchen nearby makes entertaining and dining more enjoyable.
If you opt for a formal dining area, this too should be off the kitchen for ease in serving and clearing dishes after the meal which most formal dining areas are. However, unless you do a great deal of formal dining, this area will be an added expense which you don?t really need.
Well, we have taken a pretty good look at the interior of the home itself, now let?s go outside.
The lot and landscape are particularly important. It is best to stay with a regular shape lot and one which has space both in the front as well as the back. Minimal landscape is better. You can always add improvements such as trees and shrubs but remember to keep it affordable in price and amount. Not everyone has that ?green? thumb and not everyone enjoys yard work. Buying a heavily landscaped lot means you are paying a higher price which you are less likely to recoup when it?s time to resell. The lot should also be as level as possible. Steer clear of a property in which the entire backyard is taken up by a swimming pool as this could make it more difficult for resale. A nice size backyard makes the property more appealing. Also, I don?t recommend odd shaped lots as these are slower to move when it comes to resale.
It is paramount that you check comparable sales in the area prior to making your offer. Your exclusive Buyers Broker will provide you with print outs showing what similar properties have listed for and what they have sold for in the development you are considering. Compare the property you are considering to the list of closed sales. Is the property in good condition? The condition of the property greatly affects the value of the home. Has the current owner made any improvements such as expensive flooring or a swimming pool? Have they added an addition? These improvements or additions may increase the value of the property and will affect the purchase price.
Knowledge is power. By gathering information about other properties in the development you are considering and analyzing the data in the comparable sales report, you will be able to establish a range of values based upon size, age, and features of other homes that have sold in the development. The comparable sales report as well as the condition/improvements of the property you are considering along with the current real estate market will enable you to determine a fair purchase price and offer.
Best of luck in all your real estate endeavors.
Florida broker who knows the value of SW Florida real estate, area communities, and their amenities. http://www.FloridaBuyersBroker.com
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