subject: Judging The Resale Potential Of Your Home [print this page] When looking for a new home, it's hard to think about selling your old residence. Ideally, you want to live in your new home for quite a while. Still, majority would buy their homes and sell them within five to seven years. So if you wish to move to another home, consider its resale value as well as the present value.
The average homeowner purchases a total of seven homes from adulthood to old age. Homeowners take many things into consideration - mainly the school system for their children, convenient distance to shopping locations, as well as the number of bedrooms and bathrooms. Homeowners' needs do change, though, in the long-term. First-time homeowners usually settle on something they can use to help them buy their next home. Oftentimes, the next house is larger or in a better neighborhood.
If you are buying a home with the intent of eventually moving into another, consider these two factors very carefully - choose a home that can help you build enough equity, and choose a home that has a great potential for a high resale value.
Many factors can influence the resale value of a home. Consider the neighborhood where your house is currently located. Be aware of the trends in the housing industry, as this can help you find out which housing areas are becoming more in demand for potential buyers. If a neighborhood has plans to improve its surroundings and amenities, or if the real estate market is quite active, you'll need to be wary of this as well.
What are the real estate demographics? They may be young first-time homeowners, families with kids or retirees. If you're a family person with children going to school, you'd like a neighborhood with excellent school access, not a downtown location.
The last factor to keep in mind is whether the home needs to be updated or fixed up before moving in. Wise buyers who want to build equity would often go with "fixer upper homes" which they can easily renovate. Don't bite off more than you can chew - it's good to build equity by updating a fixer-upper house, but don't exceed your budget or consider changes you can't implement.
It's easy to find a nice home to live in, but it takes patience to find the perfect home among all the other options.
