WHEN BUYING A HOME KEEP IN MIND THAT YOU MAY WANT TO SELL IN FUTURE

G.E. Miller, author of the 20somethingfinance.com said: “When it comes to buying a home, you want to avoid major structural issues that will cost you big money to fix or will diminish your leverage when it’s time to sell if you haven’t fixed them.” Here are a few of the biggest culprits:

Do not buy a house that has issues with the foundation. If you see large cracks in the foundation outside or on the basement walls, or the walls look like they are caving in some spots, kindly leave the house and look elsewhere.
Termite or carpenter ant damage is common in some locales, and it may be hard to find an older home that hasn’t had a little damage at one point or another. The key here is to find a home that does not have major structural damage and has no signs of current issues. Some home inspectors will actually insure for a year or more that there are no current signs of infestation, and if they appear, they will cover the costs to terminate.
Have you ever walked through a house that makes you feel claustrophobic or just didn’t feel right? Odds are that other people feel that way in the same homes. Don’t buy them. This may be remedied by knocking down a wall or two in some homes, but that can be an expensive project and you may be risking structural damage.
Avoid buying a house that has signs of mold or water damage. They can be very expensive to fix and usually are signs of larger foundational or roof issues. Here again, a good home inspector will be able to test or look for both.
Beware problems with the electrical and plumbing systems. These are a home’s lifeblood, and replacements are costly.
If you buy a home with an ancient furnace, you may want to have it checked out beforehand. Any home with steam radiant heating may cost you a pretty penny to heat or replace.

Easy-to-improve internal aesthetics:
As with structure, making major changes to the interior of a home can be costly, but there are some cheap projects that can really change the perceived value and quality of a home. One summer’s worth of weekends spent on the following projects can not only improve the marketability of your home, but make it much more enjoyable for you to live in. Look for a house that will allow you to do most of the following, as one with all of them done already will probably be selling for a premium:

Add nice, modern-looking light fixtures
Add fresh earth-tone paint
Replace beat-up light switch covers
Re-finish hardwood floors
Replace linoleum with tile
Add a backsplash in the kitchen

Here are some of the features most people want, but won’t be cost effective for you to add:

Central air conditioning
Nice kitchen cabinets (or cabinets that will be nice when refinished)
Fireplace
Garage
Energy-efficient windows

An under-priced location:
It seems that more people are looking to purchase in nice urban areas that are close to work versus suburban McMansions. Not only do these homes save commuting time and money, but they almost always have a lot more character and are much more structurally sound. In my most recent home-purchasing experience, I looked at a few houses built after 1999. All had large foundational cracks and cheap materials throughout.

Another bonus to purchasing a home in a more densely populated area is foot and car traffic. G E Miller said: “My first home was located just off the corner of a highly trafficked street. Because of this, I could put up a ‘for sale’ sign pointing towards my house. I ran through 20+ flyers a day and ended up selling the house to someone who drove by it. You don’t get this kind of exposure in the ‘burbs’.”

Highly desirable locales are going to cost you a premium, but you may be able to sell a home quicker. What I have searched for in my first two home purchases are areas that are relatively cheap compared to highly desired areas, yet have most or all of the same features. Others will realize the same thing when searching for a home.

Good school district:
Even if you never plan on having children, it is important to look within areas that have a reputation for having good schools. The more desirable characteristics you’re able to find or add to through inexpensive sweat equity will improve your chances of not only selling your home, but selling it quickly and for a premium.