Considering Resale Value When You Buy A Home

Resale value matters when you buy a home.

When you’re in the process of buying a home, it’s most likely not something that you’re thinking about.  Still, it’s an important factor to consider.

Resale value, though, is a very important factor to consider when buying a home. A home is a big investment, which is why you want to protect your investment and ensure the home you buy can sell well in the future if need be. Here is how to pick a Knoxville home with good resale value.

Location, Location, Location (Duh!)

If you know anything about real estate, it’s probably the location is key. We’ve all heard the age-old adage that real estate is all about location, location, location.

When it comes to selecting a Knoxville home for sale, location can play a critical role in value. A location can be good for many reasons including proximity to popular locations, great views, or other unique characteristics. There are many different things that can cause a location to be desirable whether it’s the proximity to restaurants and shopping or mountain views.

Just as location can be helpful to a home’s value, it can be just as harmful. For example, homes near the interstate can be difficult to sell due to the constant sound. A good location is key in resale value.

Floorplan

A functional floorplan can be critical for a Knoxville home’s resale value.

Generally, homes with two or more bedrooms sell better than homes with just one bedroom. Also, having more than one full bath can be helpful to a home’s resale value as well. A bonus room or basement can also boost a home’s value. As a rule of thumb, it can be helpful to find a home that comes with a traditional floor plan (i.e. it has all the rooms you’d expect to find).

In addition, homes that have strange layouts can sometimes be difficult to resell. Buyers want homes with a good flow that don’t feel claustrophobic.

School System

Buying a home within a good school system can help protect its value. Regardless of whether or not you have kids, this can be an important factor for resale value. Homes that are within a strong school system tend to keep their resale value. It may not be something that you’re thinking of when you’re buying, but it is a factor to look into.

It’s important to be aware of this factor when you’re buying a home. Schools that have a good reputation tend to keep it over time. Just be sure that before you write an offer, this is something that you should look into, regardless of what stage of life you may in. You may personally not be sending kids to the school, but it will be a factor that future buyers look at.

Avoid Quirky Homes

Every home is unique. But there are certain things that tend to come standard in certain price ranges. Homes that tend to be quirky or abnormal for their area and price range can sometimes be difficult to sell.

Here’s a common example:

A home was initially a three-bedroom home. The current owner did some renovating and that third bedroom has now become part of the master walk-in closet. Unlike the other homes in the area and price range, this home has one less bedroom and an abnormally large master closet.

While the renovations may be fitting for the current homeowner, most buyers in the area are typically looking for a three-bedroom house. These abnormal renovations have made the home less desirable for many buyers. Abnormal qualities can hurt resale value.

Are you interested in buying a Knoxville home for sale? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-696-1888 or via email at [email protected]. Also, be sure to check out our Knoxville Home Search Page to see what homes are for sale in the area.