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The Secrets of Resale Value

Sep17
2008
2 Comments Written by Shanna

Whether you’re currently in the market for a new home, looking to sell the one you live in or very comfortable in your current place, one thing’s for sure: you’ll want to think about resale value.

Resale value, a frequent buzzword in the real estate market, simply refers to the ability of a property to be resold after being purchased. When people discuss this factor, they’re looking at probabilities and future conditions, some of which are predictable and some of which are not. Take, for example, neighborhood. There can be indications of what direction a neighborhood is heading (i.e., lots of new, affluent developments may hint at rising value), but some changes come without expectation: the local school system gets featured as a top district five years from now (value up) or crime/violence increases throughout the area (value down).

So what you want to focus on, in terms of making your home’s resale value its strongest, are the factors within your control. There are some characteristics that will, generally speaking, may a home appeal to a greater pool of buyers. Knowing what these characteristics are can help you know what your home (or your potential new home) has to offer.

+ Bedrooms/baths: It just makes sense: because of the versatility, space and accommodations of larger homes, more buyers are looking for places with at least three to four bedrooms.

+ Views: Surrounding beauty, whether waterfront, woods or something else, can make a property stand out amongst the competition.

+ Landscaping: Well-chosen landscaping can make a huge impact on how buyers view your property, especially because it’s often the first thing they notice. According to Plant-care.com, good landscaping can increase property values by up to 15%!

+ Square footage/storage space: Sometimes buyers look for minimum square footage amounts in their searches, meaning a home with too little space could be ruled out. Often, the more finished living space your home offers, the more potential buyers it will appeal to.

+ Garage: If your property is driving distance from most conveniences, anyone who buys it will probably have a car. And if the buyers have cars, they’ll want a place to put them. That’s why adding a garage can be another smart investment, particularly for homes located in colder climates that are prone to harsh weather.

+ Kitchen: To many buyers, the kitchen is a home’s most important asset. It makes sense to replace outdated appliances and fixtures; just don’t go overboard. If looking to add resale value, choose quality materials that aren’t too taste-specific.

+ Fireplaces: Because of their ability to add warmth and coziness to rooms, fireplaces are definite selling features. Centrally placed in the family room or the great room, a fireplace can make a stunning focal point, too, adding visual interest.

Posted in Selling Tips, Tips and Ideas - Tagged buy owner advice, Buy Owner tips, fast sell by owner, home selling, how to sell a home, how to sell by owner, how to sell your home, increasing property value, landscaping, property value, real estate advice, real estate investing, real estate selling, real estate tips, selling advice, selling Buy Owner, selling by owner
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Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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