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How to tell if a house has good resale value

A hand holding a miniature house and coins stack above the table together with a pen and note book

Homeownership is not the only boon to buying a home. You can also reap some profit off of your property should you wish to sell it after a considerable period of time.

The promise of earning money from your investment, however, depends on several factors. All of these can determine the overall resale value of the property.
This is why, when searching New Orleans real estate or homes for sale in places like Metairie LA and St. Rose LA, you need to pay attention to the following considerations:

  1. The location

    One of the biggest indicators of a real estate property’s resale value is its location. A house in an already desirable location may increase its value over time, provided that the neighborhood continues to be sought after.

    The opposite can happen if that same area suffers from falling home prices and declining desirability. It is the same with a less desirable area— it can become an up-and-coming market or remain unattractive to most buyers. It all depends on the prevailing and projected market conditions, not to mention unforeseen events.

  2. The number of bedrooms and bathrooms

    A house has good resale value if it stands out from other homes in the neighborhood in more ways than one. In this case, a house with a higher number of bedrooms and bathrooms than the average home in the area might fare better in the market. This is because most buyers will almost always prefer more of these rooms. A bathroom in the primary bedroom is especially attractive and can bump up a home’s resale value.

  3. The storage capacity

    People own things, and it is an absolute must to have adequate space to store all of their belongings. This is why a house with more than enough storage space has good resale value. It can come in the form of kitchen cabinets, closets, and shelves. Big closets or walk-in closets are considered all the more attractive, and homebuyers are almost always willing to pay more for these features.

  4. The upgrades and updates

    A lot of sellers take it upon themselves to do some work on their homes before listing it on the market. They do this in hopes of increasing their properties’ resale value. You might also do this in the future when you decide to sell.

    Generally speaking, updates and upgrades do increase the resale value of a home, but some renovations add more value than others. Kitchen and bathroom overhauls, in particular, do the trick better than new window treatments and a fresh coat of paint. Ask the seller’s agent about any work that was done to the property to help you determine if it is worth its price tag.

  5. What’s nearby?

    Related to location, what is situated near the home can greatly affect its resale value. On one hand, amenities such as good schools and public facilities have a positive effect on the resale value, as well as proximity to parks, public transportation, and other local attractions. On the other hand, proximity to factories, train lines, and busy streets or highways (all of which generate noise and pollution), can lower the overall resale value of a home.

There are more indicators to consider when it comes to determining a home’s resale value. If you would like to learn more, get in touch with Axis Realty Group today by calling 504.336.3000 or sending an email to nicole(dotted)axisrealty(at)gmail(dotted)com.