Let’s talk about Resale Value when you purchase a property. A lot of clients don’t think about resale value until you have to sell it, then they look at things a little differently. I think it’s a very wise idea to think about your “Exit Strategy” when purchasing a home. It’s hard to remain objective when you’re dealing with your home, but just check in to the business side of it once in a while during the process and you’ll make the right decision. A lot of times it helps to have an objective third person, your fabulous REALTOR for example, to bounce ideas off of you.
So lets get down to some potential stumbling blocks for resale value in Las Vegas. Before I give you my list, let me say that this has been from my experience as a Realtor for the last four years in the business. I’ll quote things clients have potential buyer’s and sellers have said about properties. Granted, each property is different so take my advice with a grain of salt. Ultimately you’ll be living in the property and you have to love where you’re living.
- Properties that back up against a major road. This is a big one for me personally. I love to sit in my backyard watching the fish play in the pond when a semi truck honks it’s horn right over the fence. YUK! The majority of the clients I’ve shown properties to feel the same way. They don’t want their master bedroom overlooking a busy road when they’re trying to sleep in on the weekend. Just be aware of how much traffic goes by and any potential growth that could increase traffic.
- Number of bedrooms: This is a big one too. I’ve had a few listings that were two bedroom homes that were competing against three bedroom homes. In almost every case the three bedroom homes sold faster than the two bedroom homes. I would seriously consider the resale value of getting a two bedroom. Sometimes in age restricted communities two bedrooms still sell well, but you’re cutting out a huge market of buyers when you’re trying to sell your home. This factor applies more to Single Family Residences than condos.
- Neighborhood: This is a tough one. Unfortunately I do not have a crystal ball because I’d be lying on the beach in Tahiti if I did, but just be aware of the growth of where you’re buying. Many times if you purchase in an area that is in the process of gentrifying, and you renovate accordingly, you have made a great buying decision. This is where it can get risky. If you buy in an area where you think it’ll turn around, you renovate, and it DOESN’T turn over. There is always risk, but what I tell my clients is you won’t lose money if you don’t sell. There always the option to rent out your property until the market swing back up, or until you have enough equity to sell. Historically property goes up, so hold on to it until it goes up.
These are a couple of factors for resale value. I’ll speak with a few more Realtors to get a broader perspective and I’ll post part 2. If you need help with any of your real estate needs please call Felipe Crook at 702-683-2169 or email me at firstname.lastname@example.org