When buying your first – but not forever – home, there are certain factors to consider to ensure you get the best sale when you are ready to put your home on the market.
One of the most effective ways homeowners can make the most of their resale value is by buying the right home to begin with.
But what are the features that constitute the right home?
According to Mark Hay Realty Group Principal Mark Hay, location is the highest and strongest driver.
“It does not need to be in a blue-ribbon location but, clearly, water and views can certainly enhance resale value,” he said.
“Location can simply be proximity to great parks and schools, close to transport, cafes and recreational facilities, or quiet locations.”
Bourkes Principal Alan Bourke agreed, saying the suburb is crucial to resale value.
“The worst house in the best suburb will still sell well,” he said.
However, according to Mr Hay, certain zoning changes within a suburb can increase or decrease desirability.
“Older Innaloo houses are becoming more desirable because an increase in zoning has allowed more homes to be built in the same area as older, unattractive houses,” he said.
“Whereas Nedlands and similar premier, bluechip suburbs find that same increase in density to be a detraction to resale value of existing homes.”
Other features that will get you higher returns when selling is the functionality and presentation of a home.
“Street appeal is no different than a first impression when meeting people – whether it is well kept, painted and landscaped,” Mr Hay said.
“The greater the street appeal, the more resaleable.
“Designs that do not date and low-maintenance upkeep is appealing to incoming buyers and hence upholds considerable resale value.”
Mr Hay said easy, flowing, family-style spaces that were light, bright and airy were ideal, while eco-friendly and green energy-rated homes were likely to be highly sought-after as time went on.
“Energy-efficient features such as solar panels, grey and rainwater, north-facing homes, cross ventilation, glazing, thermal walls and more,” he said.
Mr Bourke said good-sized living areas and two bathrooms would be attractive.
“The larger the land, the better the price,” he said.
If you are considering purchasing a strata property, Mr Hay said low-maintenance buildings, cost-efficient common areas, a history of strong strata management and programmed maintenance could have a profound resale effect.
“The biggest problem today for resale value of strata properties is almost always directly related to the annual strata and reserve fund levies charged on an annual basis,” he said.
“The strength of the strata company’s balance sheet and the overall health of the building and maintenance plan is paramount to upholding resale value.”
Although these tips will help you put your best foot forward when purchasing a home with a future sale in mind, Mr Hay warned that attempting to anticipate resale value could be fraught with complications.
“Trying to foresee the future value of a home apart from location could be similar to the predicting the resale value of a petrol or diesel motor versus an electric car in the future,” he said.