Searching for a new home to buy and/or sell this year? After analyzing millions of sales nationally, Realtor.com has come out with a list of features that'll get you the best return on investment on the home you're buying. Here are the factors you want to consider:
1. Smaller Size
Over the past 5 years, smaller-sized home sales have taken off as a favorite for retirees and first-time home buyers. Houses under 2,400 square feet appreciated an average of 7.5% per year while homes larger than 2,400 square feet have risen just 3.8% per year.
2. Open Floor Plan
An open floor pan has led to an average of 7.4% apprecition per year. An open floor plan makes a small space feel larger, entertainment is more social and convenient, and gives you nice open sight lines displaying the beauty of your whole home.
3. Fewer Bedrooms
SInce 2012, the more bedrooms a home had, the less it appreciated. Homes with 1-3 bedrooms have the best resale potential since it appeals to the largest segment of the market; families with a couple of kids at home. Many people are also down sizing especially singles.
If your home is waterfront or park side, you're in luck. Homes with a pretty view have a high appreciation rate up to just around 8% annually. In our area most homes worthy of investing in come with a waterfront view, see here.
5. Modern/Contemporary Style
Newer architecture, style, and decor are always something that affects home value. Contemporary homes also appreciated around 8% annually. Keep your home updated with the latest trends.
6. Two-Car Garages
Not too much, not too little. Homes sales with two-car garages had a higher appreciation than homes with one and three-car garages.
Focus on the features of the home that are unique. Nice patios, fireplaces, hardwood floors, etc. all increase home value.
Great news especially for those searching in our area, homes in urban areas near mass transportation, like our tri-rail train, grew 8.5% in value per year. So did those near schools and shopping, which we also have lot's of.
Consider this list when you are chosing a home to invest in! Search Waterfront Properties' listings here.