A lot of buyers come to me once they realize they can own a home for the same payment as their monthly lease. They are tired of renting and are excited to make the leap to purchasing a home. Thus begins our search for their dream starter home.
Among their list of needs and wants, they often overlook the idea of resale. Here are a few of my thoughts that you should consider when searching for your place, and resale is threaded throughout.
Of course you will need to consider the distance to school and work, but beyond this, you need to consider what else is around the house. Think of your lifestyle, and if you would prefer the hip, millennial part of town, or a family atmosphere twenty minutes from the city.
In every city, there is a central area at which real estate expands. In Charlotte, it's the South Park and Ballantyne areas. Ask your Realtor where this hotspot is, and get as close to it as possible. Being near this exploding market will mean your home's value will increase over the years.
Single family, town home, or condo? Often the desire for privacy or having pets is the deciding factor for the type of home a buyer wants. But once you decide on this, there are still many options in each category. For example, if you decide on a townhouse, the two bedroom unit will be less expensive than the three bedroom. Most buyers will go for the cheaper option because, after all, they don't need three bedrooms right now. But I would advise to ask your Realtor the rate at which those homes are increasing in value. The numbers may show you that two bedroom units increase as 2% each year, while three bedroom units increase at 4%. Spending that extra bit of money now could be worth it when you go to sell in five years.
Too many buyers these days are focused on hardwood floors and granite, and ignore potentially bigger problems like an aging roof. While a home inspection will give you piece of mind in the short term, you should still be able to discern the reliability of the house for years to come. A few things to remember:
- Brick is more durable than siding
- Structural issues are expensive- just avoid the houses that have them
- Previously rented properties were probably not well cared for
- Check the age of windows, HVAC, and roof. Even if they will last until you eventually sell, the future buyer won't buy it if the roof needs to be replaced immediately.
In every case, be sure to hire a reputable Realtor to guide you through the process. If you are in the greater Charlotte, NC area, I would love to help! If not, let me find you a great Realtor in your area.