Ask any real estate broker or appraiser and they will tell you that the three most important things in home buying are location, location, location. Okay, so what else gives you more value to your home property?
1. VIEW – Besides a location which may include an area, neighborhood or preferred school district, a home with a view to a park, greenbelt, water (lakes, ponds, rivers and ocean), or even a golf course will generally command a higher value. When looking for a new home to purchase consider the current and future value that a view can bring to your property. Also consider if any future plans exist that might eliminate that current view, like a future development behind a home with a greenbelt view.
2. GARAGES – Increasingly, new home builders are designing and building homes with 3 or more garage spaces. This may be a good value-added feature if you have it and your home is over 2,500sf of living space. A simple reasoning is that larger homes will tend to have more occupants that have more vehicles or that may need that 3rd garage space for extra storage. So, if you are looking for a larger home, consider the additional garage spaces as good value investments.
3. LARGER LOT SIZE – As suburban space becomes scarce land developers and builders increasingly are building on smaller “city lots” generally around 50’x100’ to about 60’x150’. Lots on cul-de-sac streets will have larger size lots that can provide additional privacy or space for a backyard pool. Some developments will offer different size lots and these may hold better values or help marketability when you go sell the home later on. Corner lots are typically larger by 10’ or 20’ feet but are also going to have more traffic even if in a subdivision. Some corners can side to heavy traffic streets. If you don’t want added traffic noise this might not be a good choice for you.
4. COMMUNITY AMENITIES – If you decide to buy in a subdivision or even a condo project consider what types of community areas there are, like a community pool, parks, recreation room or even a community gym. Even if you don’t use these amenities, your home’s resale value and marketability will be stronger than a property that doesn’t have these.
5. KITCHEN AND BATHS – By far the two most important selling features of a home are their kitchen and baths. For kitchens, consider the size and layout. Larger homes may need a larger kitchen with more counter space, an island, or even dual oven units. Also consider if the kitchen has similar quality and updates as other homes in the area, like granite or quartz counter tops, new appliances, etc. The best way to compare is to look at other homes which can be done online with many websites, like www.realtor.com. Other areas of a home are the bathrooms, and for much the same reasons as kitchens. Are they big enough, does the master bath provide shower and bath tub, separate vanity sink areas, and are they updated or remodeled.
Let us know what you think are some great value added areas you look for in a home.
