Whether you are buying or selling, or investing for that matter, one very important question pops up over and over again. That is, the resale factor.
Three very important factors are Style, Neighborhood and the Public Educational system.
There are specific types of homes that traditionally have better resale value than others. Given the fact that a number of different style homes could all have the same square footage, amenities and similar property, a colonial would always sell for the most money, and a contemporary would sell for the least, and that rings true for most of Fairfield County, Connecticut.
It may seem like a broken record, and you’ve all heard this before- “Location, Location, Location”, and yes, it is true. Think of location as relating directly to resale in this way- Given an exact replica of the same house in two different towns in Fairfield County on an absolutely identical lot, except one of those houses is located in Bridgeport, while the other is the exact same house, but located in Greenwich- which house would be worth more? Greenwich, of course, and that’s obvious to most anyone. Yes, that’s an extreme example, but that was to prove a point. Any Greenwich resident will also tell you that the same house would have a different value within the town itself, depending on which neighborhood it was in.
Another factor in resale happens to be how the public school system is rated. While this still technically falls under location, it just steps it up a notch. If you were to review home sale statistics for some of the more respected public school districts, you will notice that those areas are valued higher, even if the majority of the children who live in those houses attend private schools. It doesn’t matter whether you have children in the school system or not. Living in a specific school district with a well respected public school definitely has its pluses for resale.
Let’s also not forget to look at the amenities within the house, and the specific features that add to resale. The most sought after features do change over the years and they are truly area specific. A few examples of what once was considered helpful that is now considered standard is having more than one bath in the home. Basic parameters for Resale Value are not the same for each town, and change within the individual price ranges within each town.
A local professional can provide you with information and statistics to help you make the best move.
Have you seen our recent article on WestportNow as to whether your home is tear-down or remodeling candidate?