When buying Winthrop real estate, it’s not enough to find a property you love. If you have your sights set on the future, you’ll want to take resale value into consideration. Here’s how to identify a home with good resale value.
What’s Resale Value and Why Does it Matter?
Resale value pertains to a property’s estimated value or worth in the foreseeable future based on its location, age, and overall condition. While there’s not much you can do to change the location and age of a property, there are several ways to increase its resale value, such as making home improvements, upgrades, and renovations, to increase its worth.
Basic Indicators of Good Resale Value
- Number of bedrooms – The 2019 NAR Home Buyer and Seller Generational Trends Report found that the typical home that had been recently purchased had three bedrooms and two bathrooms, which reflects the average buyer’s preferred number of rooms in a home.
However, if you’re selling in a neighborhood where two bedrooms are the norm, this might not be as much of an issue. In any case, you can add a new bedroom to your home with the help of a contractor, and depending on the overall size and layout of the property.
- Number and size of bathrooms – A 2011 survey by the U.S. Census found that the “prototypical” home had two bathrooms compared to just one in the 1970s, when the survey was last conducted.
Buyers want larger main bathrooms, too. A 2018 National Association of Home Builders (NAHB) report found that 44% preferred more space in the main bath and less space in the primary bedroom.
- Number of levels – According to a 2019 (NAHB) survey, 65% of buyers prefer a single-story home while 29% prefer a two-level home.
- Closets and storage space – It’s usually difficult to sell a home with small closets. Walk-in closets have become the norm over the last few decades, with homeowners requiring extra storage space for clothes, shoes, and other personal belongings.
- Floor plan – The NAHB survey also found thatopen concept kitchens and dining rooms are all the rage among buyers, who prefer an open floor plan that flows nicely.
- Garage space – 93.3% of U.S. households had access to at least one vehicle in 2020. The average American family owns two cars. If you’re buying in a car-dependent neighborhood, you have a better chance of reselling a home that has sufficient garage space.
- Curb appeal – A study suggests that homes with curb appeal sell for 7% to 14% more than similar properties with a poorly maintained exterior depending on market activity and housing inventory.
Other factors that affect resale value
- Top-rated schools
- Neighborhood safety
- Noise and activity levels in the neighborhood
- Proximity to shops, restaurants, and other amenities
If you’re buying or selling in Central Washington, let Coldwell Banker Winthrop assist you. Our agents have been helping clients throughout Methow Valley for over 40 years. We’re just as passionate about real estate as you are. You can contact the team at 509.996.2121 and info(at)cbwinthrop(dotted)com to get started.