Posted 6.3.12 @ 12:26
When you're buying real estate, the last thing you're probably thinking about is moving again. Most Canadians will move 10 times in their lifetimes, so it's a numbers game as to whether or not you'll end up moving. Even if your next home is planned to be your forever home, consider resale value before buying a home. Does its unique appearance and features make it appealing to just you, or will you be able to get someone else to buy it down the road? Is it updated or will you have to sink thousands of dollars into fixing lead pipes? These are the kinds of things you have to ask yourself before buying a home, and here we're going to go through a checklist to help you assess resale value.
Unusual Floor plans
An unusual floor plan is hard sale to say the least! If the real estate that you're looking at has an interesting, but impractical, floor plan you may want to move on. Think about how much space should be between each bedrooms; if there is humongous back bedroom and two tiny bathrooms the size of closets, people aren’t going to want to buy this house. Things should be balanced; you may not mind an odd home yourself, but ask some friends and family to come take a look so you can get a balanced idea.
Overpriced for the Area
If the Oakville real estate that you're looking at is priced higher than the homes around it, you may be looking at a home with low resale value. It's important to consider that a home may not be the best just because it's the most expensive on the block. You want a home that is comparable to others, with a few frills that attract buyers. What attracted you to this house? Could you do the installations yourself and buy another home for less? These are the things buyers will think about in the future, so it's important to consider them now before you buy.
Another thing to consider about an overpriced home is financing. You or future borrowers just might not be able to get the bank to agree it's worth that much money. You want your home to be easy to appraise and you want it to be comparable to the ones around it.
Two storey rooms can be the root of all evil in a home. You'll want to ask yourself if you're going to be able to keep it modern and if it will hold resale value.
Looking at other homes in the neighbourhood and other areas with real estate for sale will help you get perspective and help you from hyper focusing on a single home. If you want to invest in an Oakville home, let us help! We're a team of talented and knowledgeable Oakville real estate agents who will work to get you into your dream home that will hold resale value.