Chicago Real Estate Blog

Getting Your Home Resale Ready

In a market where buyers are picky and sellers want to stand out, many homeowners are questioning what they can do to set their home up for resale—whether the hope is to sell this year or somewhere down the line.

The first rule of thumb is: It is never too soon to plan for the resale of your home. That means, when you’re in the process of searching for a new home you should be thinking as much about how well that piece of real estate will hold its value as how much you’d like to live in it. This may sound calculating and all-business, but I call it smart. You can still get a house that gives you that warm and fuzzy feeling (in fact, your home should make you feel, well, "at home"), however, you shouldn’t disregard that buying property is an investment and there are investments that pay off in the end and those that don’t.

So, how do you know what type of homes are likely to earn a return when the time comes to move on out? There are many factors involved in how well a property weathers the market over time, but one prime selling point that has become a cliché in real estate (for a good reason, mind you) is: Location, location, location. Yep, that age-old adage has a ring that just sticks with you, which is good, because you don’t want to disregard how important your home’s location is when it comes to reselling the place. A house or condo in a great spot automatically garners more interest from buyers in general. Just picture the difference in appeal between a Chicago property near the lake and one with a busy highway next door—and don’t forget about proximity to schools, services, parks, public transportation, etc. It all boils down to location!

Being on a nice street surrounded by beauty and conveniences is a top priority, but let’s face it, this is your home—somewhere you and your family are going to spend the majority of your time—so, this property needs to meet your needs and provide a comfortable living space. For the average American, that means a three-bedroom, two-bathroom floor plan with a two-vehicle garage. Of course, it is impossible to clump buyers’ preferences into one group. But if you own a house that falls into the category of "most in demand residences," your chances of someone wanting the property later on are much better. Always familiarize yourself with the specific area you’re buying in because the "most in demand" type of home varies from one market to another, and oftentimes from one neighborhood to the next.

This is something you should also keep in mind if contemplating any remodeling to your existing home. Super customized rooms may suit your needs, but just be careful that they would work with the average homeowner’s lifestyle, too. You might end up alienating potential buyers who would otherwise like the residence. And remember, certain rooms (such as the kitchen and bathrooms) sell the home. So if you’re going to make major improvements or renovations, the "money maker" rooms should be first in line for upgrades.

More on how to make your home resale ready next time! 
 

Posted at 04:21PM Apr 02, 2008 by Spencer Mason in General  |  Comments[0]