WARNING: Buying A Home Without Resale In Mind Could Have Disastrous Results
If you are looking to buy a home, you might find yourself needing help when it comes time for the big decision.
What do you do when you find two homes that you like equally? How do you choose one over the other?
Recently, one of our buyers found themselves in this position, trying to decide between two houses in two different neighborhoods.
They asked a very wise question when they inquired about the “resaleability” of each home.
The Future Resale Value Of A Home
If all else is equal between two homes that you want to buy, it makes good sense to consider the future resale value of each home as a way of helping in the decision.
To do this one could look at RECENT NEIGHBORHOOD REPORTS that we have prepared to see which home is in a more stable neighborhood. Some neighborhoods have different appreciation rates than the norm, so that might favor one home for the short term.
You could also consider the pricing now, does it seem as if one seller is more motivated to sell today than the other?
Additionally, you could research each neighborhood to see if there were future issues that should be considered (for example, Killearn Country Club is closing down nine holes on its golf course, so the homes on that part of the course have a very different future than do the ones that are on the remaining course).
You could compare how well the schools for their areas differ (if they are in different school zones) and see if there have been any recent changes to one versus the other.
Ultimately, you look at the typical value components of each home to see if one appears to be situated better than the other for the duration in which you think you will own the home.
Fortunately, I really don't think you need to do any of this.
How To Choose Between Two Homes
Personally, I do not think buyers ever really like two homes equally.
Sometimes, they just get a little confused after considering so many homes that they conjure up a "Frankenstein House" with which every home must compare. In these instances, I find it important to detangle memories and simply get back to the specific goals, needs, and wants they identified at the beginning of the home search.
A good real estate buyer's agent will know exactly what is important to you.
Review all of the primary goals, needs, "must haves" and "must not haves" that you used to begin the home search.
Ask your buyer's agent if one home has a feature (that you love) which the market does not typically favor. For example, some people love barrel homes, but 99% of the buyers we work with would not buy one. So if you like a barrel home and a ranch style home (and all else was equal), I would choose the ranch.
Other Questions To Consider
When I first heard this question, my immediate response was "are the homes equal in value?"
Is one priced better than the other?
Considering CURRENT HOUSING MARKET CONDITIONS (where homes are selling fast), why is it that we have time to sit back, rub our chin, and choose between two homes? Shouldn't we be worried that another buyer will snap them up? If these homes are in NE Tallahassee and priced below $350,000, then that should be the case.
Perhaps the homes are located in areas that are not yet experiencing a seller's market.
But if they are in a seller's market, then they are either high end homes or already sold, right? And if not, maybe both homes are over-priced (meaning neither homeowner is a serious seller yet).
This is why having a great real estate agent is so important. The advice you utilize from this agent will determine how much money you get (or give) when you sell the home in the future.
Make the decision of choosing the agent for the job of buying a home your top priority, and it will all work-out well for you.
If you are planning a move and would like to have a world-class buyer's agent assist you, simply drop me a note and we'll discuss the best way to get you started.
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