Smart buyers wear more hats than just that of an excited homemaker. They approach things from an investor’s point of view, which means knowing how to spot the value over the cost of a home.
If you are a first-time buyer (or fresh back in the market), here is how to find the true value.
Focus on features that will stand the test of time. Don’t be blinded by that gorgeous garden, the updated light fixtures, or any other cosmetic detail. When you allow that, you risk overestimating the value of a home and paying more than you should have. This is especially true in the current seller’s market, where buyers aim to outbid others for their perceived dream home.
Let’s briefly go through the points to keep in mind when looking at the value of a home.
Yes, it’s pretty, but was it a bathroom and (or) kitchen upgrade only? Be careful because that leaves the rest of the updating to you, no matter how amazing the kitchen looks.
Compare the age of the home with what you see. For example, an older home, with a thorough interior, appliances, and systems upgrade, lessens the “Age of the home”.
Trendy? By all means, but remember: the more on-trend the details of the house may be, the more likely it will be that you’re going to want to update it in the future.
Smarter for Sure
Energy-efficient appliances and systems are a no-brainer. It means savings now and is a big selling point in the future. The more energy-wise the home is when you buy, the easier it will be to keep it upgraded as necessary.
Patio Over Pool
Pools are expensive to maintain and cause much higher energy bills. Investopedia lists them as the number one feature that people tend to mistake as value-adding. Unless you buy in an upmarket area where all your neighbors have it as a standard feature, and it comes with enough yard space for extra aesthetic, it won’t add to your home’s value.
A Patio, on the other hand, is an attractive feature that most people want – a recent survey shows that 82% of buyers list a patio as a must-have and 81% as a front or rear porch.
Here is an interesting fact: Big windows are not only stylish and a classic feature because they can also add to the energy efficiency of your home.
Years ago, large windows in a home meant you might stand in front of one and feel a draft in the wintertime. Or you might feel the heat radiating from the sun on the other side in the warmer months.
Nowadays, you will be pleased to know that large windows can not only be an environmentally friendly choice but also friendly on your wallet.
Quality floors, such as natural (real, not fake) hardwood, are another classic element that will keep a home’s value steady or even increase it.
Quality cabinetry in the kitchen, laundry, closets, and even garage spaces also add to the value of a home.
It can be overwhelming to make all these decisions but remember, you are not alone. An experienced agent will be able to guide you through the process to find the best fit for your needs AND dreams!