How to Tell if a House Has Great Resale Potential

Posted on Jun 7 2018 - 6:21pm by Alonzo Callahan

Home Exterior of HouseA majority of home buyers have a list of certain features they would want to have in their new home. However, most often forget about the home’s salability of resale value in the event that they decide to sell later on. The problem is determining the resale value of a house isn’t that easy, but there are certain factors that could put you in the right direction.

Location is Everything

This includes various factors like the area’s sense of community, quality of nearby schools, access to public transport, grocery stores, restaurants and cafes, as well as leisure and recreation places and activities. When looking for homes for sale in Overland Park, these are key things to consider with regards to location. Additionally, you also want to check out the view, nearby establishments, and the general area.

The Age and Overall Condition

In general, the older the home, the less valuable it becomes, except in cases when it’s really old that it’s considered a historic home. Aside from age, the overall condition of the home also matters. Most homebuyers would spend more money for a home that’s move-in ready and well maintained than for a home that requires renovations even at a lower expense.

The Layout and Size

Before, home buyers used to think that size is all that matters. While having ample square footage is good, you should also consider the upkeep that comes with a huge space. The layout is a crucial factor, especially since open layouts make a house look more spacious than it is. The number of rooms is likewise a key factor. Fewer yet bigger rooms can increase value, while more yet smaller rooms oftentimes have the opposite effect.

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Past Negative Incidents

If the house has a history of violent crime, fire, or mold, it would be more difficult to sell or would be priced lower. When looking at homes, do your due diligence since not all states require the disclosure of issues relevant to crimes that occurred in a home or natural disasters.

The main thing to take away from all of these is that purchasing a house is not just about finding a place to live in, it’s also a significant investment opportunity. Whether you’re just looking at what’s out there or are considering buying a house, keep the above mentioned points in mind to help you gauge if it has great resale potential.