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Factors that may influence your home’s resale value

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Credit to: Mark Moz

The largest investment that most people have is buying a home. Aside from this is an excellent investment, this is also our common necessity as a human being. When you are planning to buy a new home you have to consider a lot of things, so that the money that you will spend will not get wasted rather it will grow its value. In order to get a high resale value of your property, you have to think not only your needs but the future as well and what will be the home’s possible value may be.

Below are some of the factors that may influence your home’s resale value.

Location of the Property

This is the number one factor that could affect the value of your property. So when you are buying a home you have to consider a location that is accessible to most common places. A home that is located near the school district, hospitals, shopping malls, restaurants, groceries and drugstores is a great investment. Since, it is accessible to most places the resale value of the home increases rapidly especially if the property is highly maintained.

Upgrades

Renovating your property could also be tricky. It is very rewarding if this will helps to improve the resale value of your property. However, if the renovation was not done properly this could have the opposite effect. So, I would highly recommend that you should hire an expert before doing some renovations to your home. I would also suggest that you hire a BPO, to will determine the possible sales price of the property.

Age and Condition

Historic home that is well maintained are typically have high resale value. Generally, as a home gets older, it becomes less valuable “Humphries says. Also new homes are more valuable compare to the homes that was built somewhere in the middle. Aside from age the condition of the home also matters. You don’t want to end up spending lots of money for a poorly maintained house.

Unpleasant neighbor

Having an unpleasant neighborhood could also have a big effect on the re-sale value of the home. For example: If the home owners of the house, in a particular area does not know how to maintain the appearance of the property. Though the property that you want to purchase is well maintained this could still have a big effect on the resale value of the home. Especially, if majority the homes located in that area are poorly maintained. When the appraiser will come to assess the property this will lower the value of the property.

Views can add value 

Typically, homes that have a nice looking view sell for a higher price compare to those homes that has an appealing view. I would highly suggest that you should also consider this when buying a new home. If the home is worth the extra money, then pay for it because this could add up to the resale value of the property. However, in some locations home buyer does not consider the view as an investment for the property. They might as well consider the location, size, and the accessibility of the property.

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