Future Resale Values - Things to Consider When Building a Home
Considering Future Resale Values When Building a Home
The latest Highfields Builder blog is all about taking the next step in climbing the property ladder. At some point, most people decide to sell their home and move on. Whether the motivation is a change of scene, or new job opportunities, or the desire to down/upsize, there are many factors that impact on the salability of a home, even one that’s only a few years old! That being said, keeping on eye on ‘re-sale considerations’ at the time of planning the construction may pay dividends in the future in terms of any sale price or time on the market.
Some of the more obvious factors that impact on future resale values include location, land size, room sizes, liability features, luxury fittings, landscaping, and even proximity to nearby services. So, let’s spend a bit of time to flesh some of these out and give you some helpful tips.
v Location – Location – Location! It’s a phrase often stated when people talk about property. Whether you live in Toowoomba or another town in Australia it’s common to see notable price differences between similar homes in different suburbs. For example, a comfortable 5 bedroom home with lock-up garage, pool, and modern presentation in a small country town would most likely sell for less than a similar home in East Toowoomba. Now, the location will also impact on the price you will pay for the vacant land in the first place, and naturally, you’ll need to weigh that up against the overall construction budget and affordability. Proximity to key services such as great schools, parks, shopping centres, recreation facilities, and even cafés are important considerations for home buyers. The point being, all other considerations aside, the location of the home will impact on its eventual sale price.
v Fixtures and Fittings – When building a dream home the fixtures and fittings are where homeowners need to decide between the must have’s and nice to have’s! For example, the price difference of a few dollars between styles of tapware, light fittings, and even powerpoints can easily add thousands to the overall cost. So, the question you need to ask yourself is whether the extra cost of buying brand A taps vs brand B is likely to be recovered at the time of sale. In many cases, the answer will be no. We also like to be balanced in these discussions and if you’re building a new home with the clear plan of staying there for many years then the impact of these considerations tends to fade away. Lifestyle and ‘the look’ of a feature are important if you’re going to be living there for a long time. Someone buying your home in 25 years time may wish to refresh the interior so the fittings currently in place may be irrelevant. Secondly, there is also natural depreciation to consider.
v Maintenance – This isn’t so much a consideration in the construction planning stage, but something to consider over time. Maintaining a home over the long term will ensure it presents at its best when the time comes to sell. This not only impacts on price but also time on the market. Take a regular walk around the property and note any damage to buildings, walls and features. Set an annual maintenance budget and prioritise key maintenance. If you keep on top of it the house will present nicely at sale time.
v Street appeal – Those initial seconds count when making a first impression. Many prospective buyers look at a property from the footpath to the front door, and good street appeal will make it more inviting. Street appeal is the easiest sell for homeowners. After all, you’ll want a great street appeal for your own enjoyment whilst owning the property, and getting it right from the beginning will see the home at its best when you decide to sell.
v Landscaping – The layout and presentation of land and surrounds is an important part of the building process. Doing all the work yourself will keep the costs in check whilst giving you a great visual presentation now and in the future. However, you may not have the time or skill to design and build a functional and eye-catching garden so engaging a landscape designer or a professional landscaper may be the right solution. Either way, time spent designing a great garden will provide lifestyle benefits for you now and impact positively on salability in the future!
We’ve only just touched on a few areas in our blog today with the intent being to get you thinking about how some of the decisions made at the design stage will impact on salability and price in years to come.
We encourage you to talk through different options with Scott, Bonni and the team during the design phase so you can achieve all the lifestyle goals and consider future plans at the same time. When it comes time to plan your new home, the team at Highfields Builder are ready to support you and deliver a quality outcome on time and on budget. It’s the Highfields Builder way!
We’re your local home building specialists across Toowoomba and nearby regions and build quality, energy-efficient and cost-effective homes for owner-occupation or investment purposes. Check us out at www.highfieldsbuilder.com.au and LIKE us on Facebook @ www.facebook.com/highfieldsbuilder
This publication series covers home building, real estate, home finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as legal advice. Highfields Builder Pty Ltd recommends that professional legal and/or financial advice should be obtained before taking any action on the basis of the general information presented in this publication.
Written and Published by www.presentprofessionally.com.au
Highfields Builder is your local home building specialist in the Toowoomba region
Scott, Bonni and the Highfields Builder team are focused on building strong relationships with customers and delivering outcomes that exceed expectations. The process of building a home can be complex and every customers situation is different. When you build with Highfields Builder you become part of a team committed to delivering the highest standards of excellence in residential home construction, from enquiry through to handover.
DISCLAIMER
This article may include information on home building, real estate, home finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as legal advice. Highfields Builder Pty Ltd recommends that professional legal and financial advice should be obtained before taking any action on the basis of the general information presented in this publication.
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