I’m a Real Estate Agent: 4 Unchangeable Aspects of a Home That Affect Value
Written by
Laura Bogart
Edited by
Susan Kim
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Who hasn’t spent hours on Zillow or other home-buying sites, browsing layouts and imaging life in that cute little ranch-style bungalow just outside of town or the high-rise condo deep in the heart of the city?
But if hours of scrolling on the sofa should turn into a real-life desire to get out and start touring houses, there are a few elements you should be aware of. Some aspects of a home simply can’t be changed, causing discomfort or, worse, financial burden.
To help you understand which aspects of a home can’t be changed and make sure your dream home doesn’t become a nightmare of expenses, GOBankingRates talked to Haley Bartlett, a Realtor in the Denver area known as Your Aussie Agent, and Colten Claus, associate broker and Realtor at 8z Real Estate.
Also see the hidden costs of owning a second home.
Local Traffic Patterns
Unless you have the power of Dorothy’s tornado from “The Wizard of Oz,” able to lift your home out of its foundation and set it in the technicolor world, you’re pretty much stuck in place. Bartlett said you should be mindful of factors like proximity to busy roads, not only for your own peace of mind, but to consider how easily you’ll be able to sell in the future.
Even if your actual street is quiet, the revving of engines on nearby interstates and horns honking from four-way stops can also impact your re-sell value.
“This can be very hard on resale as most people don’t want to hear traffic whizzing by their homes at every hour of the day,” she said.
Risk of Natural Disasters
Mother Nature can also have her say when it comes to the value of your home. According to Claus, homebuyers should consider how susceptible their homes are to damage from the elements. That beachfront house you’ve always dreamed of soon becomes a nightmare when hurricane season rolls around.
Since you can’t control the weather, Claus suggests considering how property that is repeatedly subject to issues like high winds or flooding can come with higher insurance premiums or diminished property values.
HOAs
HOA: These three little letters can have a big impact on your quality of life as a homeowner. Purchasing a home that is part of a homeowners association represents a significant commitment of time and money.
In addition to the infamous HOA fees, which can fluctuate over time, many HOAs impose uniform standards in terms of neighborhood aesthetics. Keeping up with the Joneses isn’t just a matter of preference — it’s mandatory.
The price of home and yard renovations can add up. In fact, Bartlett said she’s seeing many prospective homebuyers put HOAs in their “definitely not” list.
Claus encourages homebuyers to think of the bigger picture, weighing the potentially increased property values from well-kept amenities and beautiful neighborhoods against strains to the budget as HOA fees change.
“Buyers should assess HOA fees against their budget and lifestyle preferences,” he said, “while sellers should transparently communicate the value these fees add in terms of amenities and property upkeep, which can be a selling point for the right buyer.”
Layout
If you find a home in a sleepy neighborhood, near the perfect school district and only a 15-minute drive from work, you might be tempted to overlook other, less-than-perfect aspects of its layout. However, floor plans that seem bearable, or even charming and quaint, to you might not have the same appeal for future buyers.
“The size and layout of a home directly influences its functionality for prospective buyers and can affect resale value,” Claus said. “Unique or unconventional layouts may appeal to a niche market but could also hinder salability.”
Bartlett agreed, suggesting that if a future buyer can’t imagine themselves existing comfortably from room to room, they’ll keep searching elsewhere. Remember, one person’s cute and quirky is another person’s painfully awkward.
You also should be mindful of your own future goals and needs when purchasing a home. If you know you’re keen to start a family, look for a layout that can support the pitter-patter of little (or not so little) feet.
Want to start a prize-winning garden? Look for a home with ample yard space. With some planning, you can save yourself the time, stress and expenses of needing to start your homebuying mission again in a few short years.
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