Ask the Expert
By Holly Schwartz
Most house hunters are looking for a home that gives them a warm, fuzzy feeling when they walk in the door. They dream of finding a property that screams “I’m home!” And while that is extremely important, it’s also necessary to think about resale. Even though that’s likely to be years down the road, it shouldn’t be overlooked or it could end up costing you big time. After all, it’s a fact that life is about change and homes go on the market every day due to circumstances that were unexpected – illness, divorce, death, relocation, etc. Since your home is a huge investment, play it safe and make sure to give resale some consideration when you are in house hunting mode. Resale factors can be a bit subjective and change over time but here are some things to take a look at.
Location: With location being touted as the top rule of real estate, the neighborhood and even specific location must be reviewed carefully. Well-established, popular neighborhoods that are conveniently situated near shopping, schools and parks are going to have a broader appeal. Factors about the specific location are also good to look at, such as noisy street versus quiet one, or view vs. no view. When I first bought a home, I wanted to be near the freeway for commuting purposes, which is a valid consideration for many house hunters. However there is a big difference between living near a freeway and on top of one.
Rooms: Styles change over time but currently the open concept living space is most popular. A home that has a good layout or one that you can modify will be worth more in the eyes of future house hunters. Another thing to pay attention to is the number of rooms, for example – bedrooms. A four-bedroom home is generally more attractive than a three-bedroom home, as long as the rooms are a good size. Also, having at least 2.5 baths is better than just having two (or one)! If the home has potential to create those features that could certainly be a good way for you to add value, but make sure the price is right. Another good example is garage size. If your home is in an area where three-car garages are common but one of the stalls has been converted to a workspace, it pays to know that some people may not consider the home or want it to be converted back – either on your dime or by reducing the price to compensate for it.
Maintenance: Regardless of the age of the home, maintenance is key. If you purchase a home with deferred upkeep, you better make sure you will be able to bring the home up to speed and keep it there. For example, a roof won’t last forever and if you are buying a 40-year old home with a roof that has never been touched, chances are it needs some love – both for curb appeal and for functionality. Another good example is homes with original windows. In most cases they date the home and they also decrease energy efficiency.
Material Facts: Some other factors about a home may limit the number of interested parties. For example, if there has been a death on the property, some buyers are uncomfortable with that and will rule the home out. Another issue is safety of an area. If a home is near an apartment complex that doesn’t have the best reputation or is in an area where theft is common, it may be a turnoff for others, even if it doesn’t bother you.
Finding the perfect home is an exciting journey. By paying attention to more than just the hunt, but also thinking down the line, you are more likely to make it easier when it comes time to sell.
Holly Schwartz is a Realtor with Villa Real Estate who lives in Eastside Costa Mesa. She can be reached at HSchwartz@VillaRealEstate.com.
