Now that you have decided to do the exciting thing and buy a new home, whether you are moving up or down sizing or you are a first time buyer, there is a whole new world out there these days that didn’t exist before. The one thing I have found is that the idea of resale value should never leave your mind. Here is why.
You might think you will live in that brand new home forever, but what are you up to these days? Looking for a new house, right? So that right there should tell you that unless you are already in the golden ages of your life, you will probably not retire and enjoy your last days here in beautiful Fort Lauderdale in the home you are going to purchase right now. So here are a few things to keep in mind when searching for a new home.
- Location – You will probably get a great deal on a home near the railroad tracks or a high traffic road that is very noisy and because of your personality, it probably won’t bother you. However, when you go to sell it, this will probably be a drawback to a potential buyer. So make sure the location you choose is middle of the road for you to increase your resale value..
- Stability – Getting into a new neighborhood in a good part of town can increase your equity quickly without you having to really do anything but live there and enjoy your new home. Buying in an older, declining neighborhood would only work if you aren’t worried about resale value.
- Property taxes – You might not mind paying the property taxes but someone else might. So if you can get a comparable home in the same vicinity but at a lower tax rate, then your resale value will be higher because someone else will look at the same factors when buying in Broward County.
- Face value - If everything else is equal, try to get the ugliest home in the nicest neighborhood. What you could do for the first impression without having to put out a lot of money will allow you to enjoy your new home and automatically increase your resale value. Both you and the new buyer years down the road will enjoy that!
- Neutral colors – I used to live down the street from “the house of many colors” when I was little. Every room in that house had a bold, different color. That included the carpets. I am talking about fuchsia, royal blue, pastel green, and the ultimate eye sore - peach! Just close your eyes and picture which one they chose for the kitchen. UUGGHH!! So when they went to sell it, they had to wait over 3 years. So if you can find that gem, you will get a good deal and then turn it into a classic, somewhat neutral home that will have excellent resale value later on.
I want to show you and get you into the perfect fit for you but I realize that you will also probably not stay there for the next 20 years. So I wanted to let you know of some things you might want to think about when shopping around for a new home that will help you out later on.
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