There’s a lot more to reading the value of a home than just checking its price tag. Most listings show an estimate of the home’s worth, but if you want to make sure you’re getting a good deal, here are some points to read on more deeply.
The age of the home drastically affects how much it is truly worth, not to mention how much it will cost you in the future. Older homes have more authentic materials and stylish architecture, but that comes with a price. If it hasn’t been continuously updated and maintained over the years, you’re facing immovable infestations in the walls, outdated plumbing and electrical systems, and maybe even asbestos in the construction. Basically, unless the home has been recently renovated or is a recent build, consider it a fixer-upper.
A small house with a big yard may not seem like the greatest prize, but the more land attached means more potential for the future. If you want to add on to the home, you’ll want lots of space to do so. If the property is big enough, it can even pay for itself should you split the lot to build a rentable property alongside the home you live in. Of course, it’s not all just about living space. If the home listing is offering acres, you can rent out the space for people to keep their horses and other livestock, or create your own homestead to make your lifestyle a self-sustaining one. Overall, even if the house is a bit of a fixer upper, the land itself may be worth it if the price is low enough.
Location can have a major effect on the value of a home, which is great if you’re planning to sell in the future. How close it is to schools, local amenities like parks and rec centers, and access to shopping and work all affect the desirability of the home. The more the area has to offer, the greater the appeal when it comes time to sell later down the road. Of course, you can also turn this to your advantage in buying if the home is in a less desirable location. If you don’t care about location, you can get quite the discounted price for the same quality of home.
Another factor for future resale is the materials used in the construction of the home. Natural stone siding, tiles, and marble countertops can make for desirable homes, and you’ll want to keep an eye out for affordable homes with these features if you’re planning to resell later on. Other materials to consider are copper piping for plumbing, which will save you money in the future as they are cleaner and more resilient than other plumbing types. When looking at materials, look for universally desirability and durability for the best deal.
When looking at listing prices, don’t take them to be set in stone. Evaluate your options based on what the house offers for your present needs and future resell. Doing that will help you get the best deal out of your home purchase.