Evaluate Potential Houses for Resale Value Before You Buy

The best time to think about how much your home is worth isn’t when you want to sell; it’s when you want to buy. Before you make an offer on your new home, think about your prospects for selling it one day. You may love it now, but if circumstances dictate that you move at some point, you’ll love it more if you can sell it.  

Look out for house issues that would make it hard to sell.

You may be willing to overlook a few issues with a potential home if it has a lot of the other amenities you want. For example, if you’re dying for a house in a particular location and price range, but it’s situated oddly on the lot or has an odd layout, think twice before you decide to make the compromise. Just because you’re willing to compromise doesn’t mean the next person will be when you try to sell it. Try to see it through somebody else’s eyes to decide if it has good resale potential.

Determine whether the neighborhood is desirable.

When you buy a home, you’re also buying the neighborhood. The last thing you want to do is buy in an undesirable neighborhood. Are the houses around you run down and poorly cared for, or are they in good shape with homeowners who obviously love them and take care of them? Again, you might be willing to make some compromises, but the next person might not be, so make sure you put yourself in an appealing neighborhood that will make it easier to resell your home.

Evaluate home values and location.

Finally, home values and location have a lot to do with resale potential. Even if you’re in a good neighborhood, if it’s far from shopping, highways and other amenities, it’s probably not worth as much. Make sure you consider all of the factors before you make an offer on a new home.

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Steve SchraderBachar is a local mortgage planning expert who resides in Iowa and provides service to the clients of his mortgage planning practice across the Midwest.  You can reach Steve at 1-515-289-4381 or 515-360-5197.