Know Your Local Market
In some cities the desirability of an area may change from block to block. That’s why it’s useful to know what the demand is – and where. For example, homes near Orthodox and Orthodox synagogues in some areas of the country will always retain their value. This is simply because Jews walk to services every Saturday, due to Jewish law that forbids working (or driving) on the Sabbath.
Thank you for reading this post, don't forget to subscribe!Whatever makes your particular market unique — whether it’s a large number of retirees and vacationers, a religious community, or a nearby military base — it helps if you know what buyers want most.
sell kitchen and bathroom houses
Ask any Realtor and they will tell you that potential home buyers are attracted to how kitchens and bathrooms look. The comfort in these two rooms depends on how they are decorated and prepared, and not on what furnishings you bring into them. So unlike other rooms in the house, you can’t just get a home stager and make everything look fabulous with nice furniture.
Having said that, you can improve the appeal (and value) of your homes by updating your kitchens and bathrooms. This is one area where you potentially have some control over the value of your home if you want to sell it. Even relatively simple upgrades like adding a new counter top or backsplash can go a long way.
Bottom-line
The neighborhood has one thing in common that homes that hold their values well. It’s simple how affluent the landlords in the neighborhood generally are. It sounds downright silly to suggest that you should seek homes near rich people. That’s all we accept. But the truth is that homes owned by wealthier individuals tend to retain their values better.
First, and perhaps most important, is that wealthier homeowners are better able to afford the cost of the home. In times of recession, they are less willing to lower the price in a fire sale. Transactions can be slow when there are few buyers. However, this does mean that home values tend to be more stable than in lower income neighborhoods. In those areas, many homeowners have had to get rid of their possessions when times were tough.
Second, wealthier homeowners typically spend more money on maintenance. Whether they’re hiring help to beautify their patio or spending their weekends tending the garden on their own, the end result is the same. The entire property maintains a classy, well-maintained look. And it’s good for home values.
Third, people with extra means can usually afford to update their kitchens and bathrooms. As we said, those rooms go a long way in attracting buyers. As the selling prices of homes in your neighborhood increase, so does the perceived value of your own home.
It is impossible to accurately predict how well your home will retain its value during any particular time frame. However, making smart choices when you first buy your home can help keep your home on the up-and-up years. This way you get the benefit of your investment if you ever decide to sell it.
