There are several factors you should think about when buying a home. Most buyers plan to buy something bigger and better at some point in the future. This makes the resale aspect very important when purchasing and selling property. It is normal to use the profits from the sale of your first house to purchase a second home or investment property.
Let’s discuss how your home could be a future investment.
When it’s time to sell location becomes very important. In order to maximise the fullest potential of your purchase you should buy your property in an area like Queensland’s Brisbane or Gold Coast areas that will appeal to any future buyer.
If an area is known to have excellent resale value but you cannot afford the homes in that area, then a solution is to buy the smallest house in the best area, making sure that it is surrounded by the most expensive houses. A small house among mansions won’t cost you as much but you will be able to expand it when you get the money to do so, effectively increasing the value of the house and bringing it on the level of its neighbours.
A House With a View
A house with a great view usually has more value than a house without a view. So, it is advised to buy a house with a view if you plan to sell it in the future. Keep an eye on the market when you do decide to sell, as a house with a view may not be what people are looking for at that current time. Being able to add other things to your house to increase it’s value should be more of a focus than just the view.
The market value of any house is usually determined by the surrounding homes. Large houses surrounding your small house will only increase its value. However, if your house is a big house surrounded by smaller houses then it will decrease the value of your house. Research is key, make sure you complete due diligence.
Three and four bedroom houses tend to be more popular among family buyers. Two bathroom houses are the most popular, two and half baths are a plus. The minimum is a family bathroom and master bedroom. A third bathroom used for guesst would be considered icing on the cake by would-be buyers.
Closet space is an important factor. Homes with walk-in closets are very popular. A linen closet is considered a bonus. Consider this when purchasing your home, particularly if you have a large family.
Garages add value to any house and you should have at least a two-car garage. One that has internal access to the house is also a bonus, particularly if you have a large family. A house with a carport could expect to get a lower resale value compared with a house with a garage, so this is something to consider.
There is no guarantee that your home will increase in value (although it’s rare for it not too over a 7 year period) but you should do all you can to ensure that the potential is there to maximise the resale value of your home.
If you do the necessary research before purchasing a house that you plan to eventually resell, it will go a long way to ensure that you are successful.
Indigo Homes, with years of experience and a professional team behind us, can help you to realise your home buying dreams so contact us today. We have display homes and house and land packages available in Queensland’s Brisbane, Gold Coast and Sunshine Coast areas.