Buying a Home? Consider Resale Value

Homes with a nice view, like a gold course, cityscape, water view, often sell at a premium above similar homes without a view. If a view is important to you be prepared to pay the price for it.  You will need to place a considerable dollar value on the view.  When it comes time to sell the home you will likely recover the “view premium”.  If you are buying a home with a view be careful not to over pay otherwise you might not get all of your investment back when you sell.

Most real estate value is due to its location but the building and the lot are important to. Generally, it should be as level and as open as possible. Assuming the property is in a typical neighborhood, the lot should be rectangular.  Try to avoid odd shaped lots or oddly situated lots.  Yard sizes are smaller in more modern homes than with the older counter parts, but there should still be a decently sized yard, especially in the rear of the house.  You will get your best value if the house is moderately landscaped for the area. You can always jazz up the landscaping during your ownership but don’t over improve and spend too much.

In each community the houses will vary in size and amount of rooms, but they should not too much. If resale value is an important consideration of home ownership, you should not buy the largest house in the community. When determining your market value, the homes that are nearest to yours have the most importance. If many of the houses in your community are smaller than your house, this can lower the appreciation of your house.  On the other hand, if you buy a small or medium house for the community, the larger homes can help raise the appreciation of your house.

Three and four bedroom houses are by far the most popular among home buyers.  There should always be a minimum of at least two bathrooms in a house, preferably two and a half.  Walk-in closets are extremely desirable in any master bedroom. For the rest of the house, be sure there is plenty of closet and storage space.

Garages add to the resale value and you should always make sure to get at least a two-car garage. More and more three car garages have become desirable in many areas.  The laundry facilities should be located somewhere convenient on the main floor of the house.  These days some homeowners prefer to have the laundry facilities located near the bedrooms no matter what floor they are located on. 

Families seem to congregate activity around the kitchen making this the most important room of the house. Larger kitchens are better, and they should have updated modern appliances. The dining room and breakfast area should be located adjacent to the kitchen. It is best if the family room is viewable from the kitchen.  A fireplace in the living room may be nice, but you pay extra for it and will probably rarely use it and it does not usually add much in real value.

Swimming pools do not provide as much added value unless you are located in an area where most people have one.  Having a pool in a cooler climate area may actually reduce your number of potential homebuyers when you try to resell the home.  With DFW property listings you will find about 40% of  the houses have pools.  Only buy a home with a pool for your own enjoyment, not as an investment.

Pay special attention to determining your "wants" versus your "needs" because it is extremely important. Buying what you need in a more prestigious neighborhood may prove to be more financial rewarding than getting what you want in a less desirable neighborhood.  You don’t want to over extend yourself and have your house turn out to be another Dallas foreclosure home.  It is always best to get advice from a professional Realtor.  If you decided to purchases a Dallas FSBO home, be prepared to make many of the mistakes most rooky home buyers make.