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- WHAT TO LOOK FOR IN A RESIDENTIAL PROPERTY:
- generalizing here - there are exceptions
- the property itself
- avoid corner properties
- more traffic, noise
- more dangerous for small kids
- even if you have no small kids, affects resale value
- future buyers may have kids
- middle of the block is quieter and safer
- cul de sacs have less traffic still
- side of cul de sac best of all
- fewer headlights than end of cul de sac
- middle of a development is better than the edge
- external land may be developed in a deleterious way
- avoid residential streets that are thoroughfares for
major arteries - more traffic, noise
- property should not border a condo, apartment or
high school (teenagers will be teenagers)
- views are nice but buy it for yourself, not for resale
- few people are willing to pay much for a view
- lawns affect on resale value
- the bigger the better
- avoid over landscaping - does NOT add value
- avoid pools - see "SWIMMING POOLS" below
- BEDROOMS:
- 3 to 4 is most popular and easiest to resell
- 5 okay but won't fetch that much higher a price
- BATHS:
- bare minimum is 1-1/2
- really should be 2 full baths
- one bath in master bedroom and...
- one common bath for the other bedrooms and guests
- CLOSETS:
- master bedroom should have a walk-in
- other bedrooms - walk-in not essential... -
- but should have adequate space
- should have a linen closet in bath or hall
- GARAGE:
- TWO-CAR is optimal
- if not needed by you, still good for resale
- ONE-CAR is better than none
- THREE-CAR now becoming more common.
- LAUNDRY:
- s/b out of sight of guests
- for best location consider stairway trips
- KITCHEN:
- MOST USED ROOM IN THE HOUSE
- the bigger the better
- the more modern the appliances the better
- should have door to back yard for BBQing and picnics
- s/b close to garage for hauling groceries
- s/b adjacent to dining room and living room
- FIREPLACES:
- if there is one it s/b in the FAMILY ROOM
- FORGET a LIVING ROOM FIREPLACE unless that is your
family room also
- it will be rarely used
- adds little resale value
- SWIMMING POOLS:
- adds little or no resale value - may even detract
- hazard to small kids - both yours and those of others
- will need to be maintained
- if you want a pool...
- have it for YOUR OWN ENJOYMENT, NOT RESALE VALUE
- avoid building one - you're throwing money away
- better to buy a home with a pool already there
- that way the seller suffers the expense
- the neighborhood
- just a drive around reveals a lot
- homes in neighborhood should be similar in size, style
and price
- this maximizes value of individual homes
- consider PROGRESSION and REGRESSION
- PROGRESSION: when a modest home enjoys a premium
value because of fancier neighboring homes
- REGRESSION: when a fancier home suffers a discount
in value from more modest neighboring homes
- check vitality of the local businesses
- s/b few vacant retail businesses and "For Lease" signs
- shopping centers and malls:
- the more nicely kept and vital - greater value
- the more up-scale - greater value
- new office parks indicate employment opportunities
- increases values
- should have nearby supermarket, gas station, convenience
store, dry cleaners, freeway access, etc
- schools:
- even if you have no kids, affects resale value
- are schools overcrowded?
- check for auxiliary trailer classrooms on the
high school campus
- check with the school district
- local taxes:
- no one likes taxes but they can represent an advantage
- higher local taxes can mean...
- better streets, schools, services, etc
- lower price for a given square footage because...
- buyers can afford less in mortgage payments when
taxes are higher
- advantage when buying, disadvantage when selling
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