Our homes are our personal retreats where we make memories with family and friends, but there’s no getting around the fact that a home is also a major investment. Even if a home didn’t work for you personally, if you get a great return when you sell it’s hard to completely regret the purchase.
People who are building a new home are in the unique position of being able to maximize resale value long before they ever consider selling. The decisions you make now can very easily add or detract from the resale value.
What should homeowners keep in mind when they’re making build and design decisions? Here are some proven ways to make sure your new home has the best resale value possible.
Put Careful Thought Into the Lot Location
You’ve probably heard it a million times. Real estate is all about location, location, location. But you may not realize how granular that idea gets. Each city has a unique real estate market, but every neighborhood has its own value. And within each neighborhood some lots are more valuable and desirable than others.
You may love the fact that a lot is right next door to the community pool, but others will only think about potential noise during the summer months. A cul-de-sac lot can seem great to a family with small kids, but others may not like lack of access of living on a dead end street.
When you’re choosing a lot look for one that will appeal to the most people. Flat lots are always a plus over lots with elevation changes. Two other things to look for is a lot with a view and added privacy. Find a lot with all three and it’s guaranteed to improve the resale value.
Use Universal Design Around the Home
In terms of best practices, you can’t go wrong with universal design. Universal design elements appeal equally to seniors and families with young children. It’s a concept that puts safety and accessibility at the forefront, which is beneficial to everyone in the home.
There are many different aspects of universal design that you can incorporate into your new home build. They range from smart home technology to rounded corners to electric sockets that are higher off the ground.
Choose Neutral Design Elements
By all means, choose design elements that appeal to your personal tastes. Just remember, styles that are bold or far from the norm can reduce the resale value. The goal is to appeal to the taste of as many people as possible. This is easier to do by using contemporary and classic styles that lean more neutral.
Things like unconventional paint colors are fine because it’s easy and affordable to repaint. However, style choices that are harder and more expensive to change, like the flooring, is where you’ll want to be more conservative.
High Quality Flooring
Flooring is unique in that it’s simultaneously utilitarian and shows off personal style. This is one place in the home where you want to make quality a top priority. Going with a sub-par material can lead to premature wear that won’t hold value.
Hardwood flooring in the living areas is safe bet in almost any real estate market. If you prefer carpet in the bedrooms splurge on stain-resistant carpeting that’s extra plush. And don’t skimp on the underlay, which can impact the feel under your feet.
Create Wow-Factor Curb Appeal
When Consumer Reports National Research Center surveyed over 300 real estate experts about resale value boosters, many of the respondents noted the importance of curb appeal. It’s all about creating an impressive first impression right when people pull up to your home.
A lush lawn, mature trees and well-maintained landscaping make people excited to see what’s on the inside. Put emphasis on your walkway and front entry when you’re designing the home. This is a person’s first interaction with your home, and it sets a tone for the rest of the tour.
WWMD: What Would Millennials Do?
Millennials are now the largest group of homebuyers in the U.S. As the years go by, even more Millennials will enter the housing market either buying their first home or a purchasing a move up home. These are the people you’ll most likely be selling to in the future. For that reason, it’s never a bad idea to consider the styles and features that appeal to Millennials when you’re designing your home.
Opt for Energy Efficiency
Energy efficient upgrades ultimately pay for themselves even if you never sell your home. Buyers understand the tangible value of lower energy bills, and many people also value living a greener lifestyle. Plus, you may get tax deduction on some energy efficient features making them an even better investment.
Go All Out in the Kitchen
The kitchen in the one place in the home where upgrades really make a difference. You’ll essentially get back every dollar you spend in the kitchen.
One upgrade worth considering is energy efficient, Energy Star appliances. They may cost slightly more upfront, but they’ll pay off in the form of lower electric and water bills. Energy efficiency also adds immediate value in the minds of buyers.
Upgraded cabinets that are taller and have added features like in-cabinet lighting are always a good idea. You’ll enjoy using them and future homeowners will also see the benefit. A large island with storage and seating is another kitchen upgrade with universal appeal.
Want to build a home that you love so much you’ll never want to sell? Visit myHouseby to find great communities in your area and home plans that can be personalized to fit your unique needs. We even give you 2D, 3D and virtual reality tools to help you visualize your new home so that everything turns out perfectly. Start designing your dream home today!