The following contribution is from Fonville Morisey Agent, Maureen Williams, out of our Fonville Morisey Lochmere Sales Office. The post extends the idea of “keeping an eye on resale” when it comes to making the right decision on which home to purchase here in the Triangle. Thank you, again, for sharing your expertise, Maureen!
Predicting the Future – Improving Your Odds – Part 1
Of course, no one can predict the future or guarantee the future value of a property. What you can do is make an informed house purchase. This is important for when you decide you want (or need) to sell it in the future. Hopefully, you will have an easier, quicker, and more profitable sale when that time comes. The idea is to improve your odds.
Steep Driveways
Home buyers in some areas may not shy away from steep driveways. Think San Francisco, which is known for its extreme inclines, or a mountainous area like Colorado. Steep driveways may be the “norm” for those types of areas and thus, aren’t as frowned upon by the home buyer in each locale.
Here in the Triangle area of North Carolina though, one thing many home buyers avoid is a steep or sloping driveway. That doesn’t mean that a house that is either much higher than the street or much lower than the street will not sell. It just means that it will likely be on the market longer and it may actually sell for less than a house without the slope.
Schools
Typically, the school system and specific schools to which children are assigned are designated by address.
This can be an important factor whether or not you have children or will ever have children. Whoever might want to buy your home from you when it’s time to sell may have children, or be planning to have them. More desirable schools could actually make the sale of a house. Likewise, less desirable ones could break it.
Property Tax Rates
Part of the recurring cost of homeownership is the annual property tax. It is important to know which county, city, town, fire district or other tax rates will be due for any house you decide to buy. Property tax rates can vary widely depending on municipality. A very high tax rate could push a potential buyer into an alternate location in order to avoid an extremely high tax bill. A lower tax rate could make your house more affordable to a wider range of potential buyers. This should raise the chance of a successful sale.
Remember - it’s about “keeping your eye on resale” when it comes to the purchase of your home in the Raleigh, Durham, Chapel Hill or Cary market. Factors such as steep driveways, schools, and property taxes are important items to consider when making that purchase. Of course, they’re not the only ones, but they are important nonetheless. Stay tuned for “Predicting the Future – Improving Your Odds – Part 2.”
If you recently purchased a home in our market, what other factors did you consider? Did you find that the ones listed above played a heavy role in your decision? If so, how? Our readers might like to hear from your point of view. Please leave a comment below.
Image provided by Maureen Williams. Copyright 2012. All Rights Reserved.
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