Buying
a Home With a View
Homes with a pleasant
view of the horizon often sell at a premium above similar homes
without the view. However, if a view is important to you, buy it
mostly for your own pleasure and not as an investment. Though you
may place a considerable dollar value on the view, future buyers
may not be so like-minded. It may take you longer to find a buyer
when it comes time to resell the house. Or you may end up dropping
your price to more nearly match other sales prices in the neighborhood.
In short, if you are
buying a house with a view, try to pay as little extra as possible.
Otherwise, you might not get your money back.
Lot
and Landscaping
Even though most real
estate value is usually concentrated in the building, the lot is
important, too. Obviously, it should be as level as possible. Assuming
the property is in a typical neighborhood, the lot should be rectangular
– no odd shaped lots or oddly situated lots.
Yard sizes are smaller
in modern homes than in older homes, but there should still be a
decently sized front and back yard. Do not buy a house where the
entire back yard is taken up by a swimming pool, for example.
Do not purchase an
over-landscaped property, either. You would normally pay a premium
for that, which you may not be able to recover when you sell. You
will get your best value if the house is moderately landscaped or
under-landscaped for the area. You can always improve the landscaping
during your ownership by improving the grass and adding bushes and
trees. Just do not spend too much.
House
Size
In each residential
neighborhood, houses will vary in size and rooms, but they should
not be too different. If resale value is an important consideration,
you should not buy the largest model in the neighborhood. When determining
market value, the homes nearest to yours are most important. If
most of the nearby houses are smaller than your house, they can
act as a drag on appreciation.
On the other hand,
if you buy a small or medium house for the neighborhood, the larger
homes can help pull up your value. This is one of those times where
determining your "wants" versus your "needs"
can be extremely important. Buying what you need in
a more prestigious neighborhood may provide more financial reward
than getting what you want in a less desirable neighborhood.
Bedrooms
and Bathrooms
Three and four bedroom
houses are the most popular among homebuyers, so if you can stick
in that range you will have more potential buyers when it comes
time to resell. Five is okay, too, as long as you do not have to
pay too much extra for the additional bedroom.
There should always
be at least two bathrooms in a house, preferably at least two and
a half. One bathroom with a place to wash up for day-to-day visitors,
one for the master bedroom, and at least one to be shared by the
other bedrooms.
Closets,
Garages and Laundry
Walk-in closets are
extremely desirable for the master bedroom. For the rest of the
house, just be sure there is plenty of closet space. Don’t forget
space for linens and towels.
Garages add to the
resale value and you should always make sure to get at least a two-car
garage. Lately, three-car garages have become desirable in some
areas of the country.
The laundry facilities
should be located somewhere convenient on the main floor of the
house, but not in a place it will create an eyesore. Think about
whether you want to walk up and down stairs when carrying loads
of laundry.
The
Kitchen
Family activity centers
around the kitchen, so this is the most important room of the house.
Larger kitchens are better, and they should be provided with modern
appliances. Obviously, the dining room and breakfast nook should
be located adjacent to the kitchen. In newer houses, the family
room should also be extremely close to the kitchen.
There should be easy
access to the back yard, as there will be occasions for barbecues
and outdoor entertaining. In addition, it should be a short trek
between the garage to the kitchen so hauling groceries in from the
car does not become a horrendous chore.
Fireplaces
The only room where
you absolutely have to have a fireplace is the family room. A fireplace
in the living room may be nice, but you pay extra for it and will
probably rarely use it. At best, it serves as a focal point of the
living room, but does not add much in real value.
Swimming
Pools
Swimming pools do not
provide as much added value as they once did. Safety issues about
families with younger children have become more publicized than
in the past, so families with small children tend to avoid homes
with pools. As a result, having a pool may actually reduce the number
of potential homebuyers when you try to resell the home.
Buy a home with a pool
for your own enjoyment, not as an investment.
Since we are on the subject of swimming
pools, here is a word of advice: If you want a pool, buy a home
that already has a pool. Paying a contractor to install one for
you is like throwing money away. You will never get a dollar-for-dollar
return on your investment
copyright 2000 by Terry
Light and RealEstate ABC |
