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Last Updated: Nov 2nd, 2009 - 17:32:57 |
Think resale when buying a home
You've just bought a new home and you're all set, right? Wrong. If the law of averages proves true, you'll be putting that same house on the market in about eight years.
Before you start house hunting, you need to consider the qualities that will make your home a wise investment for resale - features that will maintain and increase your home's value even eight years down the road when it's time to sell.
Location of the home and character of the neighborhood are two of the most important variables in any home buying decision.
Home buyers might want to consider the following to make their purchase a smart investment:
-Don't buy the most expensive or the least expensive home in the neighborhood. If the home you want doesn't match the quality of surrounding homes, you'll have a tough time getting a good offer when you decide to sell.
If the home you're interested in is the only nice one in the area, the surrounding homes may tend to drag down its value when comes time to have it appraised.
-Do move into a new development early. The last buyers to purchase a home in a new development generally will pay more. By the time the last residents have moved in, the original buyers have made a quick profit on their investment -- their homes and their equity in them are now worth more.
-Do consider a new ''trade-up'' home instead of a ''start-up'' home. In the next 10 years, baby boomers will reach middle age, and older buyers will want to ''trade-up'' to new homes with all the modern conveniences.
By choosing to invest in a ''trade-up'' home now, you'll be in a good position for the housing market of the future.
-Do look for a neighborhood with access to transportation. Access to buses, subways or non-congested highways can add value to a home.
-Don't consider a home on a busy or noisy street. The best locations are dead-end streets, pipe stems or streets with little traffic. This is a plus for families with small children and provides an extra measure of security.
-Do look for an area with a good school system and nearby churches and synagogues. These might be very important factors for a potential buyer at resale time.
-Do look for an area that has good growth prospects. Look at real estate directories and check with the local planning commission to determine the past and future growth patterns of a specific neighborhood.
Zoning changes, commercial development or changes in the highway system could drastically affect the value of your home.
-Consider a home backed by a 10-year warranty and insurance plan. Some builders offer only a one- or two-year personal warranty without insurance backing.
That's not going to help you or a potential buyer with much protection against structural defects that might surface in later years and reduce the value of a home. Look for a builder who provides 10 years of insurance and warranty protection.
One Kansas City realty chain reported its warrantied houses sell almost 50 percent faster at a 3 percent higher price than homes not covered by a warranty.
USA Real Estate Listings:
http://search.ezilon.com/united_states/business/real_estate/index.shtml
Europe Real Estate Listings:
http://www.ezilon.com/cgi-bin/estate/realestate.cgi
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