Planning For Tomorrow When You’re Buying Today
Fri, 09 Dec
Let’s be really honest for a second – there is just nothing more exciting than buying a new home and it’s so easy to get swept away in the romantic notion of the life you’re going to build there. And, so you should! There are endless possibilities waiting for you whether you’re looking to build a new Edmonton home or buy a pre-existing option. As hard as it may be to imagine, considering you’re only JUST purchasing the house, the reality is that at some point, you may want to sell. A little thoughtfulness today will go a really long way when it comes to enjoying your house more now and in the future if you choose to sell.
When buying your home, here are a few things to consider investing in that may impact its future sale price:
- Location: This is about so much more than just the neighbourhood you choose, think about the physical placement of your home within the community. Is it on a main road, facing a commercial property (think large signage), perhaps there’s a condo complex obscuring your view? Just because you may be willing to overlook these things it’s not guaranteed that the next buyers will be so easy going.
- Lot Size: This becomes especially important in newer neighbourhoods when lot sizes can be on the smaller side. Investing in either an extra long or pie-shaped lot may end up being worth the upfront cost when it comes to the future salability of your home.
- Demographic Perks: If you find your desired neighbourhood caters predominantly to young families, for example, consider the needs of those families:- Does the home have a desirable yard space?
– Is there an adequate amount of bathrooms and where in the home are those bathrooms located?
– In an older community, with your more typical 1950’s bungalow, it is common to have a single shared bathroom on the main level, vs. in a newer neighbourhood where you might find a dedicated bathroom for the primary bedroom, and secondary bathroom for the additional bedrooms upstairs. Maybe even a half bathroom on the main floor.
– Are there enough bedrooms and are they sizeable enough that kids can grow into them over time? - Extra Space: If your budget allows, one of the greatest investments you can make is more usable space. Whether that’s a finished basement, a bonus room, a garage – anything that provides additional living or storage areas is going to be a huge draw for future buyers.
- Amenities & Commutability: What else does the Edmonton community you’re considering offer? Access to schools, playgrounds, convenience stores and coffee shops for example add to the walkability of a home. Homeowners also appreciate more direct routes to major roads, allowing for quicker commutability to additional shopping districts and to work.
At the end of the day everyone has to make concessions during the buying process. It’s really easy to forgo the above items for the sake of a “good deal” and save yourself a few dollars right now. If this strategy solves an otherwise unsolvable problem for you (for example: this “deal” is the only way you’ll be able to enter the homeowner arena) then it’s not a bad one. But, if you’re looking for long term gains, it might be wise to have an honest conversation with your Real Estate Agent about how you can focus the funds you have available now on the features of a home that will provide you with the best return later on.