Some people buy their home without thinking that they will sell it one day. If they like the house, that’s all that counts. The investment aspect is trivial to them. In contrast, others buy their home according to the property’s resale value. They want to maximize their buying power. Perhaps advice is needed here?
Listing all the factors which determine how a property’s value may fare over the course of time would be too long, but Via Capitale experts will provide you with a few.
The location of the property you wish to buy is of utmost importance for its resale value. For example, if you live in a high-density neighbourhood, the added value of the renovations you will carry out will be much greater than in a less populated area. That’s just how it is in a competitive market.
If the neighbourhood that you will live in is unattractive, has adverse economic conditions, and is far from retail and public services, no matter how hard you try to increase the value of your home with different upgrades, your efforts will be unsuccessful. You would only be wasting money.
If the neighbourhood has a series of identical homes, and yours is different in an adverse way, you should think about renovating it accordingly. For example, all the neighbouring properties have modern-looking basements, perfectly furnished, and yours looks neglected.
Jumping on a property just because its price seems extremely low compared with its condition is definitely not a good idea. Find out why. First-time buyers would be the type to rub their hands in satisfaction thinking of the huge profit they will make with only a few upgrades. Danger!
A bigger home that is divided into many rooms generally sells better than a home identical in size with fewer, but larger rooms. People like having a greater number of rooms. Houses that don’t need much maintenance are usually easier to sell. If the seller has done some renovations and has the bills to prove it, that counts for a lot.
As generations move on, open-air living will have a greater importance. The boundary between indoors and outdoors is fading. Decks, patios, the landscaping are now a priority. Buyers should be looking for these three factors: a low-maintenance home, sustainable and healthy materials (stone, wood, bricks, concrete, terracotta) and a maximum of privacy.
As the years go by, sustainable houses will grow in popularity. The trend is irreversible. You will surely come out as a winner by choosing an ecological home. Its value will increase throughout the years. Via Capitale advisors have undergone specialized training in terms of sustainable housing. They can advise you on so many subjects.
If you buy an ordinary home, in an ordinary neighbourhood, in an unattractive city with an uncertain economic future, you are more likely to get an ordinary price when comes the time to sell in a few years. You might get a slight surplus, at best.
Renovations do add value to a property, but only to a certain degree. You shouldn’t stake everything on these upgrades. You should calculate your investment return instead. And tell yourself this: if the total sum of your renovations exceeds the average price of the neighbouring houses, you would only be throwing your money away.
If the seller has evidence that the radon level, a carcinogenic gas, is high on his or her property, he or she is required to inform you. We’re becoming more and more aware of this gas. It could affect the value of properties.