Buying your home is a large financial investment, maybe even the largest one your family will make. As a home buyer, you want to get the most value for your money. If your primary motive for purchasing the home is to sell it and make a return, this tip is for you.
Room to be Promoted
Location, location, location: The most important rule in Real Estate. Everyone knows that the location is important in determining the value of the home, or rather, that the value of the home depends on the location. The most and least expensive homes in the area create a value guideline for the area. If you purchase a home that is not the most expensive home in the area, there is room for its value to maximize.
It is kind of like getting a new job. The ambitious employee wants to know “if I put hard work in, is there room for me to be promoted?” The ambitious home buyer should know- “if I make improvements, will someone pay extra to live here?”
Buying the Wallflower and Transform it to the Belle of the Ball
One of the other most important factors in determining how much a home sells for is “Curb Appeal.” This term describes the first impression of a home buyer as they pull up into the driveway: Love at First Sight, or Keep on Driving. Homes that have great curb appeal sell faster, and for more money.
Home buyers- if you can find a home with low curb appeal in a valuable neighborhood, other buyers may have passed up this good opportunity. Working to improve the cosmetics, you can transform the house to increase its curb appeal so that when it comes time to sell, you can increase your profit.
Dragging the Value Up
Homeowners often hear about neighbors being upset about a poorly kept lawn, or just poor upkeep in general. They are concerned that if one person does not uphold the standard of quality, the entire neighborhoods value will suffer. To a certain extent, this is true.
Home buyers are not simply buying a home, they are buying a neighborhood. If every house on the block looks like it has been abandoned, but the house for sale looks immaculate, the buyer may move on. Who wants to live in an abandoned neighborhood?
But, what about the reverse? If a particular home for sale is the least valuable on the street, the neighbors’ valuable, well kept homes will drag the value up.