18 Jul Maximizing Resale Value of Your Custom Home
You have the opportunity to build the home of your dreams when you choose a custom build. You probably anticipate living in this home for years to come, but the possibility of selling it down the road has likely crossed your mind! There are a lot of misconceptions out there regarding which features of a home boost your resale value. So how do you get the most bang for your resale buck while still incorporating those personalized custom details?
Put some money into the following features:
Heating, cooling, windows, electrical – these are not areas you want to skimp on. High-end energy-efficient systems may cost more upfront, but will end up saving you money in the long-term. They are also better for the environment and can contribute to an increased resale value. A survey by the National Association of Home Builders showed that “9 out of 10 buyers would rather purchase a home with energy-efficient features and permanently lower utility bills than one without those features that costs 2 percent to 3 percent less1.” As prices for utilities continue to rise, future buyers will be putting more importance on ensuring their new home has energy efficient features.
Location, Location, Location
There’s a reason why this is a saying in the real estate business. Choose a lot in a location where custom homes are the norm and there will be a market for it. If you build on a cheap lot in the middle of nowhere or near a detrimental feature like a heavy traffic or industrial area, that will definitely have a negative effect on the resale value. Nobody wants their dream home to be on the side of a busy highway!
Keep it Simple
One of the exciting things about building a home from scratch is that you get to choose everything to suit your personal taste. Just keep in mind that, if you do end up selling, not everyone will share that taste! Everyone has their own style when it comes to finishing a home – there’s a reason why “classic” styles are popular and sell well. In terms of layout and design, keep things simple and functional. You can add flair in non-permanent fixtures like furniture and art work.
Don’t waste a lot of money on:
These include things like lighting, railings, and flooring. These features are all necessary, but are also easy to change – unlike the kitchen layout or insulation, for example. When people buy a new home, they look to make it their own and some of the easiest things to do are paint, switch out light fixtures, or change the flooring.
In the end, remember that you’re building a custom home for you to enjoy, not as an investment. So if you want an ultra luxury chandelier in the foyer, go for it! But hopefully these tips will help you decide which features have the potential to up the resale value and what areas you can probably save some money on.
The team at Square Root Homes will be able to guide you through the home building process. Contact us to get a start on building your dream home today!
- “What Home Buyers Want.” org. N.p., 1 May 2013. Web. 12 July 2017.