| Buying
a Home With a View:-
Homes with a pleasant view of the horizon often sell at a
premium above similar homes without the view. However, if
a view is important to you, buy it mostly for your own pleasure
and not as an investment. Though you may place a considerable
dollar value on the view, future buyers may not be so like-minded.
It may take you longer to find a buyer when it comes time
to resell the house. Or you may end up dropping your price
to more nearly match other sales prices in the neighborhood.
In short, if you are buying a house with a view, try to pay
as little extra as possible. Otherwise, you might not get
your money back.
Lot and Landscaping:-
Even though most real estate value is usually concentrated
in the building, the lot is important, too. Obviously, it
should be as level as possible. Assuming the property is in
a typical neighborhood, the lot should be rectangular –
no odd shaped lots or oddly situated lots.
Yard sizes are smaller in modern homes than in older homes,
but there should still be a decently sized front and back
yard. Do not buy a house where the entire back yard is taken
up by a swimming pool, for example.
Do not purchase an over-landscaped property, either. You would
normally pay a premium for that, which you may not be able
to recover when you sell. You will get your best value if
the house is moderately landscaped or under-landscaped for
the area. You can always improve the landscaping during your
ownership by improving the grass and adding bushes and trees.
Just do not spend too much.
House Size:-
In each residential neighborhood, houses will vary in size
and rooms, but they should not be too different. If resale
value is an important consideration, you should not buy the
largest model in the neighborhood. When determining market
value, the homes nearest to yours are most important. If most
of the nearby houses are smaller than your house, they can
act as a drag on appreciation.
On the other hand, if you buy a small or medium house for
the neighborhood, the larger homes can help pull up your value.
This is one of those times where determining your "wants"
versus your "needs" can be extremely important.
Buying what you need in a more prestigious neighborhood may
provide more financial reward than getting what you want in
a less desirable neighborhood.
Bedrooms and Bathrooms :-
Three and four bedroom houses are the most popular among homebuyers,
so if you can stick in that range you will have more potential
buyers when it comes time to resell. Five is okay, too, as
long as you do not have to pay too much extra for the additional
bedroom.
There should always be at least two bathrooms in a house,
preferably at least two and a half. One bathroom with a place
to wash up for day-to-day visitors, one for the master bedroom,
and at least one to be shared by the other bedrooms.
Closets, Garages and Laundry:-
Walk-in closets are extremely desirable for the master bedroom.
For the rest of the house, just be sure there is plenty of
closet space. Don’t forget space for linens and towels.
Garages add to the resale value and you should always make
sure to get at least a two-car garage. Lately, three-car garages
have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient
on the main floor of the house, but not in a place it will
create an eyesore. Think about whether you want to walk up
and down stairs when carrying loads of laundry.
The Kitchen:-
Family activity centers around the kitchen, so this is the
most important room of the house. Larger kitchens are better,
and they should be provided with modern appliances. Obviously,
the dining room and breakfast nook should be located adjacent
to the kitchen. In newer houses, the family room should also
be extremely close to the kitchen.
There should be easy access to the back yard, as there will
be occasions for barbecues and outdoor entertaining. In addition,
it should be a short trek between the garage to the kitchen
so hauling groceries in from the car does not become a horrendous
chore.
Fireplaces:-
The only room where you absolutely have to have a fireplace
is the family room. A fireplace in the living room may be
nice, but you pay extra for it and will probably rarely use
it. At best, it serves as a focal point of the living room,
but does not add much in real value.
Swimming Pools:-
Swimming pools do not provide as much added value as they
once did. Safety issues about families with younger children
have become more publicized than in the past, so families
with small children tend to avoid homes with pools. As a result,
having a pool may actually reduce the number of potential
homebuyers when you try to resell the home.
Buy a home with a pool for your own enjoyment, not as an investment.
Since we are on the subject of swimming pools, here is a word
of advice: If you want a pool, buy a home that already has
a pool. Paying a contractor to install one for you is like
throwing money away. You will never get a dollar-for-dollar
return on your investment. |
