C&G’s Guide: Resale Factors You Should Consider

It may seem strange, but thinking about resale value is one of the most important considerations when property searching. After all, you haven’t even purchased the house yet! However, it’s important to recognise that circumstances can always change and the decisions you make now can impact whether or not you make a profit later down the track. In this C&G blog, we list some questions you should ask when property hunting.

What is the property’s sale history?

Research is important in all facets of real estate, but especially when you’ve found your dream home and are ready to make an offer. Ask your agent for the home’s sale history, comparing the current asking price to its previous sale price. You’ll be able to determine whether the property has increased in value over time and buyer desirability.

How popular is the location?

If the property is located in a desirable or upmarket neighbourhood, it will likely increase in price over time. Proximity to local amenities, public transport, dining and entertainment complexes will also attract buyers of different demographics. These are all potential selling points you may consider in the future when the time comes to sell.

What is the home’s size and layout like?

Is the property’s size appropriate for its location? Suburban homes tend to be larger to attract growing families, while inner city properties prioritise ample storage in a smaller space. The number of rooms – in particular, bedrooms and bathrooms – is also important. When inspecting the home, determine what renovations can be made. Is there a possibility of adding a second bathroom later down the track? Speak to your agent about popular trends amongst comparable sales.

How old is the home?

Sometimes it’s an older, charming home that immediately wins us over! However, it’s crucial to assess the property’s condition and determine if it has been well cared for. This will also help you determine if the asking price is fair.

Is it energy efficient?

Buyers are becoming increasingly conscious of their carbon footprint. Environmentally friendly homes that also reduce power bills will be highly sought after. You can look at how much natural light the property receives, and whether there are energy efficient appliances or systems installed. These could also be potential upgrades that you may consider for yourself once you move in.

It’s worth planning ahead so you can avoid the inconveniences of a somewhat ‘challenging’ property, should you decide to sell in the future.  Chisholm and Gamon have been selling property across Bayside and Melbourne for years, and would be delighted to assist you in realising your real estate goals. Reach out to our friendly team today!