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Friday, March 29, 2024

Real Estate Logic – Don’t forget about resale

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Every piece of real estate you buy, will eventually be sold by you or your heirs. Many people buy a home without thinking about how easy or difficult it will be to sell the home in the future. This can be a very costly oversight. Because a home purchase is the largest investment ever made by most people, it should be made with some careful thought. Here are some considerations:

Buy it right

Will the immediate location of this property appeal to potential buyers in the years ahead? This can only be answered by looking at the quality of local schools and the value and condition of the surrounding properties. Remember, the ideal home purchase is one in which adjacent homes are of equal or greater value than the home you are buying. Is the floor plan desirable to a large number of buyers? Does it have the expected number of bedrooms and bathrooms appropriate to its size and price range? Are you able to buy this house at a price that is competitive with and does not exceed the average price in the neighborhood?

Maintain it right

Don’t put too much money into decorating ideas that may not appeal to subsequent buyers. If you are going to add on to the house, get expert advice so that the addition adds to and does not detract from its salability. Invest in those improvements that you have a good chance of being reimbursed for in any subsequent sale. Some of these improvement include bathrooms, kitchen and updated landscaping.

Advice: Although it may seem like a chore to anticipate future demand for a house at the very time you are trying to find the house that suits your needs, it can pay great emotional and financial dividends down the road. Ask your Realtor to provide you with adequate market facts so that you can make a good buying decision.

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Gary Leavenworth
Gary Leavenworthhttp://www.garyleavenworth.com/
Gary Leavenworth is a senior Realtor associate and team leader of the national award winning Leavenworth Team of Coldwell Banker Realty and has been serving Naperville’s real estate needs since 1982 with a career volume of over $400 million in closed sales!  If you have a real estate question, email Gary at gary@garyleavenworth.com or call/text him directly at 630.885.1565.

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