Resale value factors to consider before buying your new house

It might seem odd to think about reselling your beloved house before you’ve even bought it. However, resale value is something that homebuyers need to consider before making a purchase. It’s wise to keep in mind how other buyers view the house that you’re considering.

Understanding Key Factors to Focus on Before Buying a Home In India

The dream home you buy will eventually need to be resold, and nobody wants the headache of a property that’s tough to resell. So, here’s a list of 8 home resale value factors to keep in mind as you continue your homebuying journey.

Location And Connectivity

The locality and the neighbourhood have a major impact on the home resale value. The safer and more amenity-loaded a locale, the higher the value of houses built there. Before buying a new house, you should research crime trends, potential new infrastructure plans, transit accessibility, community areas, and existing amenities in the area. You also have to check It is also a good idea to look at how quickly other homes in the neighbourhood have sold. This is an indication of the locality’s desirability among homebuyers.

Property Type And Size

The size of the house plays an important role when you resell your house. With the recent work-from-home trend, people are looking for homes with more rooms and more privacy. However, these trends vary greatly depending on the locale.

For example, in urban areas, smaller houses are more common, while in the suburbs, buyers may be accustomed to larger square footage. You must research what size home is most popular in the city and invest accordingly. If you are new to property buying then check out this real estate investing for beginners tips for more details.

The layout

• Number of rooms: Research the data regarding the number of rooms that sell best in your area. Also, take note of the bed-to-bath ratio.
• Open concept: Open concept houses have always been a favourite among most buyers. Hence, they increase the house resale value.
• Split plan: A house with the master bedroom separate from the other bedrooms definitely has more resale value.

The age

Buying a home in India and it’s age is important because buyers consider factors like the lifespan of major elements, including the roof, appliances, windows, electrical systems, plumbing, etc. Newly constructed homes or properties not older than five years are always in high demand.

Some older ‘antique’ homes also enjoy the value-added benefits of being in a desirable historic district. However, despite the beauty and charm, most buyers will still focus on the potential maintenance costs of owning an older property..

The condition

While the property’s age is an important factor, it doesn’t have as much effect on the resale value if the home is kept in top condition. If you have found an older home that you absolutely love, you can go ahead with the purchase as long as you commit to maintaining it well.

Storage space

This is an overlooked factor when buying a new house. While it does not directly increase the house resale value, it does make your house more desirable to the buyers. We have all got stuff, and that stuff has to go somewhere.

These days, many buyers are looking for at least one walk-in closet in the master bedroom. There must also be ample closet space in other areas of the house. Outdoor storage spaces like sheds, assigned parking, and garages often bump your house up in the property listings.

Upgrades

Generally, house upgrades and updates bring an increase in value; however, not all home improvements are created equal. For example, a complete kitchen renovation will surely add more value than just replacing the cabinet hardware. You also want to make sure that you renovate or upgrade in such a way that appeals to more buyers for a longer time and not just a certain demographic.

Energy efficiency

We’ve come far in technology, and energy-efficient homes are always more desirable. Homebuyers are usually looking for properties where their monthly bills will not burn a hole through their pocket. Energy-efficient kitchen appliances, lighting, fans, insulation, and water heaters all add value.

As you’re searching for a home, ask the sellers about their monthly utility bills. If they seem high, consider ways you might be able to improve the efficiency prior to reselling the home.

Budget and Affordability

Before diving into the home buying process, it’s crucial to establish a realistic budget. Determine how much you can comfortably afford for a down payment, monthly mortgage payments, property taxes, homeowner’s insurance, and maintenance costs. Remember to consider potential future expenses like repairs and upgrades. Staying within your budget ensures financial stability and minimizes the risk of overextending yourself.

Amenities and Facilities

Consider the amenities and facilities available in the neighbourhood and within the property itself. Nearby parks, schools, shopping centres, restaurants, and recreational facilities can significantly enhance the quality of life for you and potential future buyers. Additionally, features like swimming pools, gyms, playgrounds, and community centres within the property can add value and appeal to prospective buyers.

Legal Documentation and Due Diligence

Ensure all legal documentation related to the property is in order before making a purchase. This includes reviewing the title deed, property survey, zoning regulations, building permits, and any homeowners association (HOA) rules and regulations. Conduct thorough due diligence to uncover any potential issues such as liens, encroachments, or legal disputes that may affect the property’s resale value or your ownership rights. Consulting with a real estate attorney can help you navigate the legal aspects and mitigate risks associated with the transaction.

Final words

As you and your family go shopping for your dream home, it’s easy to focus on the details that make you fall in love with the property. At the same time, you want to be mindful of the house resale value, you’re looking to invest in. Investing in residential areas in Bangalore is the best choice you can make when it comes to resale value.

At Sterling Ascentia, we promise that your house will have good resale potential for years to come. Don’t believe us? Log on to www.sterlingdevelopers.com and take a virtual tour of our luxury apartments.