Before embarking on a home buying journey, most buyers usually have a wishlist of features they want in their home. Often missing from that list is how saleable the home will be when they later decide to sell. Now you may argue that when you buy a home to live in, you are not necessarily considering its resale value.
Well, point taken. However, one cannot ignore the probabilities of selling one’s home in the future. A job in another city or country, transfers, desire to upgrade to a large space are some of the common reasons why people usually end up selling their home.
So, what factors determine the resale value of a property? Interestingly, these are not very different from what one considers while buying a home. But to maximise the appreciation value of the investment, here are some of the top features to consider before you take the plunge.
This is the most critical factor in determining the resale value. A home that is closer to workplaces, good schools, hospitals, and recreational centres is expected to fetch consistent return in the future.
Further, accessibility to public transportation and security also strengthens a property’s value.
A track of the proposed infrastructure developments can also help a buyer make an informed decision. A proposed highway, widening of roads, or a metro line can significantly add to the property value. Last, but certainly not the least, don’t forget the basics like a regular supply of water and electricity.
Good views add value
Paying preferential location charges (PLC) for that garden or swimming pool view might burn a hole in your pocket but it will enhance the resale value. Aesthetics play a major role in home buying. However, this might not always be the case. Thus, research well about the market of your interest before making an investment.
The above two factors will be rendered useless if the floor plan of the home is not practical. Check the different room sizes – bedrooms, kitchen, toilets, etc. in the unit plan. If the model flat is ready, look for dead spaces and see if those spaces can be used for some purpose. Adequate light and ventilation in the house also matter. Lastly, everybody wants privacy. Thus, check for any shared or common walls between two units.
Adequate parking space, children’s park, open spaces, etc. are some of the important amenities that can impact the resale value of a home.
The bottom line
Homes with good resale value are the ones that appeal to a broader spectrum of buyers.
It is always good to invest in a home that will reap greater returns in future rather than be fooled by high discounts. Remember, more often, developers offer discounts on units that are left unsold in a project. Now vastu could be deal-breaker here. So, be vigilant and make an informed decision today for better tomorrow.
This article is contributed by RoofandFloor , part of KSL Digital Ventures Pvt. Ltd., from The Hindu Group