How To Spot A Property With Good Resale Value

Posted by Thomas Crimmins on Friday, August 16th, 2013 at 3:10pm.

When you find a Staten Island home with a good resale value, it will be easier to sell when the time comes. However, many homebuyers forget to consider resale value when they buy, and they only consider whether the house meets their needs at that moment. This can come back to haunt them years later when they are struggling to sell the home for a good price.

It might seem odd to be thinking about selling a home that you don’t even own yet. However, chances are good that you will need to sell the home at some point, so you will want to own a property that will increase in value and will appeal to a wide range of buyers.

Choose The Best Location

The old real estate cliché goes that you should look for “location, location, location” but it’s absolutely true. You can change a lot of things about a home, but its location is not one of them. If you want to be sure of a good resale value, look for a neighbourhood that has been popular for quite some time and has a lot to offer. Or, look for a location that is shifting from residential to commercial and you might find that the house has an increase in value later.

Features To Avoid

There are certain home features that are considered ‘outdated’ and can make a home more difficult to sell. For example, one bathroom houses do not usually sell as easily or for as much as properties with two or more bathrooms. Also, outdated bathrooms and kitchen fixtures can be a negative. It is possible to change these negative features by renovating, but you have to factor the extra costs of this into the cost of the home and how much your changes will increase the home value.

Also, don’t forget to look at the outside features of the property as well. Pay attention to the shape and the size of the lot. It should be level and rectangle, as odd shaped lots can be harder to resell.

If you are not sure and want some guidance on which Staten Island home will have the highest resale value, you can always seek advice from your realtor. You can contact me at tom@tomcrimminsrealty.com or call me at 718.370.3200. 

Tom Crimmins is the broker/owner of Tom Crimmins Realty. This St. John’s University graduate and native Staten Islander’s past careers include Assistant Dean of Students at SJU, NYPD Sergeant, Director of the Carnesseca-Sarachek Basketball Camp, and investor, speculator, and buy-fix-flip real estate expert. His real estate experience, which spans 30 years, is second-to-none.

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