I’m looking for a house with good resale value. How do I determine if my house will increase in value within the next five or so years? Should I buy a smaller house in a great location or get a bigger house in an ok/ good location.
As with any investment, there are risks, no one can say for sure. We often hear that location is the most important factor. Some things to consider, make sure the house does not back on to busy streets and is as close to the interior of the tract as possible. Avoid corners and intersections. For maximum resale value, be sure it has at least two bathrooms. Keep in mind that sometimes, it’s just about the timing of when you buy and sell.
How can I find out how much my house is worth? There are no comparable homes in my area.
Homes maintain their value better if the neighboring properties are fairly similar. It’s a good idea to talk to Realtors and not just do online research.
How do you know whether the price of a home per square foot is reasonable or if you are about to make a bad decision?
Much more goes into the market value of a house than it’s square footage. For example, two homes, side by side can have the same squ
are footage, but if one has two bathrooms and the other has only one, that is going to impact the cost. If you compare recent sales of similar homes, the cost per square foot should be similar to those properties. You can ask your agent to provide you with comparable sales data.
