Determining the Resale Value of a Home

    Buying a home is more than choosing the best home for your needs – it’s also an investment, and everyone wants to see a return on their investments. There are a number of factors that affect your home’s resale value, and while they may work for you, other buyers may see them in a completely different light.

    Below we’ll go over some of the most important features to consider in your search.

    Location

    Location is usually a home’s top selling factor. Buyers want a home that is near the goods and services they need, whether it’s work, shopping, or schools. Is it convenient to major freeways, local thoroughfares, and public transportation? Just make sure that the home is not too close to busy roads as that will reduce the home’s value.

    kcm-downsize-couple-on-pierGreat Views

    Homes that are facing a pleasant view such as parkland, water, a city skyline will generally sell for more. Think about whether the view is worth paying more and if it will fetch you a higher resale price, and make sure you investigate any future plans that may bolster or impede the view (e.g. building construction, freeway construction, parks).

    Remember though that the value of the home’s view can vary depending on the local real estate market. Check with a knowledgeable real estate agent about what local buyers value most.

    Layout / Floor Plan

    The home’s layout is one of the most important factors in resale value.

    • Bedrooms: Younger buyers are usually interested in at least three bedrooms while four is typically even more desirable.
    • Bathrooms: Ideally there is a bathroom on the main level for guests (full bath or a powder room) with a full bath near the bedrooms and a master bath for additional privacy and value.new-construction-floor-plans
    • Storage/Closets: Walk-in closets are most desirable but look for rooms with ample closet space.
    • Kitchens: Many families use their kitchens as a central location not only for meals, but for storage, homework stations, and informal work stations. Look for a kitchen space that is versatile and spacious and doesn’t need a lot of work (as kitchen remodels can be very expensive).
    • Openness/Light: It’s a huge plus to have a home with an open floor plan and lots of natural light. Both will make the home feel bigger and more inviting, and natural light will make the home feel more cheerful. They also allow future buyers to easily imagine their own furnishings in the home.

    house-frontCurb Appeal

    Buyers will be looking for a home that also looks inviting from the outside. You’ll want to find a home that has complementary landscaping or doesn’t need too much expensive improvement. For example, if there are trees blocking a nice view or restricting light from entering the home, the cost of removing the trees might be a factor to keep in mind.

    National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic counties.

    www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com

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