Every homeowner dreams of selling their home at a price much higher than the one they paid for it, but securing a home with a high resale value takes more than desire; it takes wisdom and patience. Here is what you should be looking for if you want to find a home that is likely to appreciate more quickly than the national average.
Location is the one thing you can’t change. A great home in a bad location will always be limited, whereas a lousy home in a great location has a lot of untapped potential. In more affluent neighborhoods, your neighbors will be more likely to upgrade their homes, local businesses will be more likely to improve their accommodations, and local governments will have more money to invest in schools, roads, and parks—all of which improve your long-term resale value.
21st-century floor plan
A 1950s-style home may seem quaint and cozy to you, but it’s a dealbreaker for most modern families. Families of today like houses with big kitchens, lots of storage, roomy garages, and plenty of bathrooms. Avoid houses that have dated floor plans or risk repelling a huge chunk of buyers.
Vibrant local economy
The most certain predictor of regional sales prices is the local economy. When the local economy grows, house prices go up. Look for signs of the area’s economic standing. Do you see a lot of empty commercial buildings with “For Lease” signs, or are you seeing lines out the door and “Help Wanted” signs everywhere you go? And keep in mind that everything in real estate is relative. Right now, while the economy is slightly recessed, half-full shopping centers might be a relatively positive indicator.