Get Into a Seller’s Shoes When Buying Your First Home

Published On: October 13, 2020|Categories: Buying Tips, First Time Home Buyers, Home Buyers, Jasper IN Real Estate|Tags: buyer tips, buying tips, First Time Home Buyers, Home Buyer Tips|

It’s an exciting time when you’re buying your first home. You’ve gotten pre-approved for a mortgage, have your down payment ready, and you are out checking out the homes that meet your needs. Of course, you have your set of criteria, and they will be for a home that meets today’s needs, though maybe you plan for an additional family member before you get ready to sell.

The title says something important in that this is your “first” home. There will be others, and to buy those you’ll need to sell this one. Estimates vary, but it tends to be between five and eight years before the costs of buying and selling are recaptured and leave some profit when you sell. So, in five to eight years on average, you can expect to sell this first home for enough more than you paid to at least break even. You could do better, and you are certainly hoping to.

One way to increase the odds of not just breaking even but taking a nice chunk of cash away from the closing table is to think about this first purchase as if you were already selling it. If you’ve found all or most of the features you want, then it’s worth the time to think about a few years down the road and what the local real estate market will look like and how this home may compete.

Have there been recent zoning changes when you’re buying?

In other words, if you love this home and it’s in a residential neighborhood not too far from shopping and service businesses, has there been a zoning change recently that could change the use of some of the residences or encourage the construction of new businesses in the residential area? If so, the neighborhood could look very different in a few years, possibly dampening value growth of your home. Would families with small children want to live nearby or only a few blocks from busy commercial businesses?

How does the home compare to others right now?

Sure, your real estate agent has given you data and value numbers about how your home stacks up in the local neighborhood, as you want to buy right. But is the home at the small or large end of the size range of nearby homes? Often, it’s only possible to afford a neighborhood because it’s the smallest or one of the smallest homes. That’s a good thing now, and it could be good in the future as well. There will always likely be buyers who are shoe-stringing their way into a neighborhood. This should make it easier to sell later.

Does the home have upgrade potential?

While it may have the bells & whistles you want now, does it have the potential to be upsized, with an addition for example? Or if the kitchen is suitable for your current needs, what if buyers want commercial ranges in a few years? Is there room for one and a larger exhaust hood over it? These are just examples of things you can look for past what you’ve found that you like right now. You’re looking for things you may want to do in the future that will enhance your enjoyment of the home and increase its resale value as well. Another example would be the yard space to increase deck sizes or add an entertainment deck.

It isn’t necessary to nitpick your dream first home to the point of changing your mind. Just take a little time to envision talking to a real estate listing agent in the future and know you’ll want to get the highest price possible at resale time.

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