{"id":9354,"date":"2018-06-07T15:15:55","date_gmt":"2018-06-07T22:15:55","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9354"},"modified":"2018-06-01T14:12:43","modified_gmt":"2018-06-01T21:12:43","slug":"factors-that-increase-the-homes-resale-value","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/factors-that-increase-the-homes-resale-value\/","title":{"rendered":"Factors That Increase the Home&#8217;s Resale Value"},"content":{"rendered":"<p style=\"text-align: justify;\">While you&#8217;re in the process of house hunting, all you want to do is find a keeper, get the keys and settle into your new life. But it pays to think long-term when buying a home because you&#8217;re probably going to be selling it sometime in the future, and you want to get a good return on your investment. So, keeping certain factors in mind when purchasing a home is key to ensure that it has good resale value. Here, six things you should think about, according to professionals.<\/p>\n<p style=\"text-align: justify;\"><strong>Location<\/strong><\/p>\n<p style=\"text-align: justify;\">People always emphasize &#8220;location, location, location&#8221;\u2014and for good reason. You can change many things about a house, but not where it&#8217;s located, so think wisely about where you&#8217;re buying. &#8220;If you choose a home in a desirable location, odds are that location will always attract a larger pool of home buyers,&#8221; says Thaddeus Wong, co-founder and co-owner of @properties in Chicago.<\/p>\n<p>He also recommends taking into account the walkability of the area. Is the home close to schools, grocery stores, restaurants and parks? &#8220;These neighborhood amenities can all have a lasting impact on your home&#8217;s value,&#8221; he says.<\/p>\n<p style=\"text-align: justify;\">Dottie Herman, CEO of Douglas Elliman, adds that it&#8217;s important to look at the quality of school districts. &#8220;The better the school district, the higher the value of the home,&#8221; she says. &#8220;School districts play an important factor in resale value.&#8221;<\/p>\n<p style=\"text-align: justify;\">She also suggests taking a ride around the area to get a feel for it. &#8220;Make sure that the area does not have a large number of vacancies, businesses that are closing, or a large number of foreclosure signs, she says. &#8220;Ensure that values are increasing in this specific area.&#8221;<\/p>\n<p style=\"text-align: justify;\"><strong>Lot and landscaping<\/strong><\/p>\n<p style=\"text-align: justify;\">A home&#8217;s value is often concentrated inside its walls, but curb appeal is a major factor when reselling. &#8220;If you&#8217;re purchasing a single-family home, pay attention to the size and shape of the front and back yards,&#8221; says Wong. If the home is overly landscaped, you might be paying more for something you won&#8217;t maintain. And even if you do opt for paying landscaping fees, that&#8217;s not money you&#8217;re guaranteed to get back when you sell. Stick to a house that&#8217;s sparsely or moderately landscaped, so you can easily make improvements to boost curb appeal.<\/p>\n<p style=\"text-align: justify;\"><strong>Similarity to neighboring houses<\/strong><\/p>\n<p style=\"text-align: justify;\">While you want your home to stand out from the crowd, you also want to make sure it&#8217;s comparable to others in the neighborhood. &#8220;If yours is the only single-family home in an area populated by townhomes, it will be more challenging to assess resale possibilities and estimate what your home is worth,&#8221; Wong says.<\/p>\n<p style=\"text-align: justify;\">It&#8217;s also wise to avoid buying the most expensive house in the neighborhood because less expensive homes will bring down the value, Herman says. &#8220;Conversely, if you buy a lower-price home in a more expensive area, houses that are more expensive will bring up the value of the home.&#8221; This phenomenon is known as functional obsolescence.<\/p>\n<p style=\"text-align: justify;\"><strong>Interior layout<\/strong><\/p>\n<p style=\"text-align: justify;\">Although renovations can be made to change the layout of a home, they are time-consuming and costly. So try to find a space that&#8217;s appealing and flexible. &#8220;Most home buyers prefer natural light and open spaces, so pay attention to the layout of the home,&#8221; Wong says. &#8220;An open-concept design can look much more spacious than a home with a choppy floor plan.&#8221; Although some believe the number of bedrooms can influence a home&#8217;s value, he adds that having a few large bedrooms may be more appealing to future buyers.<\/p>\n<p style=\"text-align: justify;\"><strong>History of the home<\/strong><\/p>\n<p style=\"text-align: justify;\">When you&#8217;re considering a house, it&#8217;s important to look beyond aesthetics. A home is one of the biggest investments you&#8217;ll ever make, so you want to make sure you&#8217;re fully informed of its history and that it&#8217;s physically sound, from roof to foundation.<\/p>\n<p style=\"text-align: justify;\">&#8220;Ask the tough questions,&#8221; Wong says. &#8220;You&#8217;ll want to know if the home floods easily, has suffered from mold or was damaged in a fire.&#8221; While you might be okay with your house&#8217;s complicated history, it could cause future buyers to turn away.<\/p>\n<p style=\"text-align: justify;\"><strong>Fees<\/strong><\/p>\n<p style=\"text-align: justify;\">Whether you&#8217;re buying a condo or a single-family home, you may have to pay fees on a regular basis, such as homeowner association or condo fees. Keep in mind that such fees can deter future buyers if they&#8217;re too costly, says David Rosen, a real estate agent with Douglas Elliman in New York City.<\/p>\n<p style=\"text-align: justify;\">Wong says it&#8217;s also important to determine whether the community or building you&#8217;re considering is in good financial standing with plenty of money earmarked for unexpected costs. If not, you&#8217;re more likely to pay special assessments (extra fees required to pay for unexpected community projects, like landscaping or a new pool), which could also turn off potential future buyers.<\/p>\n<p><a href=\"https:\/\/www.apartmenttherapy.com\/selling-home-tips-when-buying-259313\" target=\"_blank\" rel=\"noopener\">6 Things That Increase the Home&#8217;s Value Before You Even Buy<\/a> by Chelsea Greenwood Lassman | Apartment Therapy<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While you&#8217;re in the process of house hunting, all you want to do is find a keeper, get the keys and settle into your new life. But it pays to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/factors-that-increase-the-homes-resale-value\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9354","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Factors That Increase the Home&#039;s Resale Value &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/factors-that-increase-the-homes-resale-value\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Factors That Increase the Home&#039;s Resale Value &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"While you&#8217;re in the process of house hunting, all you want to do is find a keeper, get the keys and settle into your new life. But it pays to &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/06\\\/factors-that-increase-the-homes-resale-value\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/06\\\/factors-that-increase-the-homes-resale-value\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Factors That Increase the Home&#8217;s Resale Value\",\"datePublished\":\"2018-06-07T22:15:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/06\\\/factors-that-increase-the-homes-resale-value\\\/\"},\"wordCount\":842,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/06\\\/factors-that-increase-the-homes-resale-value\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/06\\\/factors-that-increase-the-homes-resale-value\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/06\\\/factors-that-increase-the-homes-resale-value\\\/\",\"name\":\"Factors That Increase the Home's Resale Value &#8226; 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