When a buyer is shopping for a new home, they usually come to us starry-eyed and dreaming of their new, perfect home. What many of them don’t realize is that they’re not just buying a home for themselves. They’re purchasing it for the next person who buys it, and the next, and the next… The point is that when buyers are putting together their lists of dream home must-haves, they often fail to realize that they should also be paying attention to resale value later on down the road. “Sure, living in the now is important,” says one of our expert agents, “but buyers have to realize that thinking about the future is key to any successful real estate transaction.” We can’t predict the future, but we can assume that what’s seen as your minor inconvenience today could be someone else’s dealbreaker four years from now. Here are some of the most unfavorable conditions that might affect a home’s resale value.
Sometimes environmental factors are out of our control, but we still need to be aware of them. For instance, is a home located in a floodplain that requires a hefty flood insurance policy? Is there standing water nearby that attracts swarms of unwanted pests like mosquitoes and gnats? Are windows positioned in such a way that the rising or setting sun causes one room to be miserably hot when the rest of the house is cool? These are things that can’t be changed—at least not easily—so it’s important to pay attention to them before you sign on the dotted line.
It’s pretty common for buyers to pay attention to noise from nearby airports, highways, train tracks, and schoolyards. What most aren’t thinking about are the barking dog or chicken coop next door, the fire department a street over, or even old water pipes that wake visitors in the guest room every time someone takes a shower. Buyers should be aware of these noises that they might not hear during a showing but will definitely notice for years to come.
Be aware that if you decide to buy new construction in a brand new development, you’ll be in competition with new home builders for quite a while. Not only is a brand new home appealing to a lot of people, but builders are also able to offer incentives that other sellers can’t afford. If you plan to live in the new home for many years to come, you’ll probably outlast the building process. But if you think you might relocate in five years or so, do a little research concerning how new construction will affect resale value.
It’s extremely convenient to have a coffee shop across the street or a grocery store right around the corner. But buyers need to think about the disruption having certain businesses for neighbors might cause. For instance, you might love the fact that you can walk to a nearby restaurant or bar, but when you go to sell the house, some buyers might be turned off by the possibility of noise or people parking in front of their home.
While power lines might not be the prettiest thing to have hovering over your property, they’re not dangerous, per se. However, a large percent of the population still thinks that living with power lines nearby can be detrimental to their health. This is a myth that has been debunked by scientific studies, but that doesn’t mean buyers feel safe around power lines. There’s always the chance of them being knocked down by high winds or falling limbs, which presents its own set of problems. Luckily, power lines are run underground in many newer neighborhoods, so if you’re looking in a recently developed area, this might not even be an issue.
If you’re shopping for a new home that you intend to stay in for a long time, these points might be irrelevant. But if it’s possible you might move again in the near future, you’ll want to keep these possible resale issues in mind. For expert advice on considering a home’s resale value before you buy, contact one of our agents. They’ll be happy to help!