About House Resale Value

Resale values are directly related to how appealing buyers find a neighborhood. If you are concerned about earning the most home equity in the least amount of time, you need to analyze the market to determine the locations of the most desirable neighborhoods. Also, there are several key factors to look for when determining (or trying to upgrade) a home's resale value.

Geography: Houses Located in City

A home in the city with resale value will have lots of character to make up for the modern amenities it lacks, which typically come standard with homes in the suburbs. Look for feaures like original crown molding and hardwood floors that can be refinished, transforming them into a valuable focal point. Typically, city lots are considerably smaller than the yards found in most subdivisions of the suburbs. City homes usually have custom work that creates personality, and the more it has, the higher the resale value climbs. Big selling points for buyers in the city are a master suite and walk-in closets.

Geography: Houses Located in Suburbs

Lots and homes tend to be significantly larger in the suburbs. Most of these homes feature modern amenities that attract buyers such as a two-car garage and swimming pool, as well as hot tub and nice landscaping. The key to home resale value in a subdivision is often subtle differences from other homes in the neighborhood.

Features

Certain features have become standard expectations for many buyers. Kitchens with stainless-steel appliances and granite countertops are now considered basic amenities as opposed to luxury items. Some features almost guranteed to increase the resale value are a fantastic view and manicured lot as well as being the largest house on the block. Updated bathrooms with upgraded amenities will always go far in a buyer's mind, too.

Potential

Finding ways to add resale value can be as easy as looking in a home decor magazine. There are many resources that provide a wealth of home remodeling advice and project instructions that can be achieved on a very minimal budget, especially if you are willing to put in some elbow grease. Address often-overlooked issues such as storage and organization, as well as cracked driveways and the front door. These are relatively inexpensive and simple to upgrade but give your home a polished look that makes a lasting impression with buyers.

Warning

Remember that the exterior appearance determines a buyer's first impression of a house. This initial impression will make or break a lot of deals. Many homeowners make the mistake of ignoring the lot and exterior of their home, then trying to overcompensate for this oversight with an immaculate, modern interior. This is not a wise investment. If you don't have a total package, the resale value will suffer.