Resale: Factors to Consider Before Buying
If you’re considering adding a property to your rental portfolio OR buying a home, you’ll want to consider some resale factors BEFORE you buy to minimize any headaches if you go to sell the home in the future.
- Location, Location, Location – The surrounding properties may affect your resale. If you are buying a single family home and there is an apartment complex that’s very close to the property, it may affect the desirability of the home for future buyers.
- Garage Conversions – If you’re buying an investment property with a garage conversion, the lack of the garage wouldn’t be a huge detractor when it comes to leasing it. However, if you’re considering selling it to an owner-occupant in the future, there may be homebuyers that will be turned off on the lack of the garage.
- Utility lines – Large power lines immediately behind the property may be a turnoff to potential buyers in the future as well as tenants! Some are concerned with the electromagnetic waves which are emitted, so you may want to take precaution if you’re considering buying a home with power lines directly in the backyard.
- Schools – School ratings are SUPER important not only for tenants but also future buyers. Be sure to check out the school ratings and know what they are before you sign on the dotted line. Finding a home in an area with average or above average ratings may prove beneficial for getting a property rented quickly and/or selling it quickly in the future.
These are just a few of the factors you should consider before buying a home or investment property. Feel free to contact us for more tips if you’re in the market to buy!