Buying a House With Selling in Mind
By Monte Mohr
The housing market is slowly and steadily gaining momentum which has prompted more sellers to list their homes. With more homes entering the market, buyers need to be smart when choosing their next house.
The purchase process is an emotional one, because we all need to feel connected to the place we live. But remember, in addition to being your home, a house is most likely your single largest investment, so you need to find a balance between your emotions and smart investment decisions.
Do you ever wonder why some people seem to be successful with every real estate sale? Chances are their success in selling resulted from decisions they made when buying. In other words, they were smart enough to think of re-sale from the very beginning.
While it's true that there is a certain amount of luck involved in making a profit on the sale of a home - like unknowingly buying in the next "hot spot" - most successful sales can be attributed to the smart choices that were made during the purchase process.
When buying a home, it's easy to get lost in the excitement of how well the home suits your family's current needs. Perhaps you are gaining much needed square footage, or you are moving closer to the city where you commute to work. There are a million reasons why you might feel emotionally connected to your new home. But the thing that smart home buyers know is that even as they envision their life in this new home, they should also be thinking about the day they will sell it.
That's a tough thing to do for many people - to think about selling a home before they've even lived in it. A lot of people buy a home with every intention of staying there forever. But life happens, and very rarely do people stay in one place forever. Maybe your family outgrows the space, or you get an unexpected job transfer. Perhaps the payments become unaffordable after a job loss, divorce or unplanned illness. Again, there are a million reasons why people end up needing to sell the home they had planned on living in forever.
So the best thing you can do when buying a home, is to be thinking about its resale down the road. Does the home sit atop a steep hill? Are there train tracks nearby? Does the yard back up to a busy highway? These are all potential obstacles that would stand in your way if you ever need to sell.
Maybe you grew up hearing train whistles at night, so there is a sense of comfort to you personally, but remember that the vast majority of buyers will not share your affinity for train noises. Perhaps you've always been intrigued with the idea of having a beautiful home perched on a picturesque hill, but a large portion of home buyers do not like the idea of maintaining such a sprawling driveway (especially in winter climates), nor do they like to be isolated in such a manner.
More than likely, there will come a time when you need to sell your home. And the better job you do of identifying potential roadblocks before you buy, the more successful you will be when the time comes to sell.
Monte Mohr has sold more than 2,500 homes, making him one of America's top Realtors for the last 25 years. This experience has given him a unique perspective on the Nashville real estate market where he can be found at www.tennesseedreamhomes.com. He is also a regular contributor of real estate information to Nashville's NBC affiliate station, WSMV Channel 4. To learn more about Monte Mohr's experience as a real estate agent, to get free advice about your biggest real estate challenges or to request an interview, contact him at Info@TennesseeDreamHomes.com.
TALK TO US
If you'd like to leave a comment (or a tip or a question) about this story with the editors, please email us. We also welcome letters to the editor for publication; you can do that by filling out our letters form and submitting it to the newsroom.