When the Columbus real estate market is “hot”, you might assume home values have nowhere to go but up! But market conditions change, and future home buyers may not be willing to take on certain property flaws. You should always consider future resale value when buying a Columbus home! Here are points to keep in mind:
Location. When you buy a home, you get the neighborhood that comes with it! School quality, crime rates, traffic and noise all affect the desirability of a home. So does the array of local amenities, such as parks, shopping, dining, and access to public transportation or major roads.
Price history. A home that has a historical sales price range of $195,000 to $225,000 isn’t automatically worth a ransom just because the market is hot. If there haven’t been any significant improvements on the home since the last sale, don’t be quick to accept an inflated price. You could face a future drop in value if the market pulls back.
Home features and functional obsolescence. A two-bedroom, one-bath home doesn’t carry the same demand as a three or four-bedroom, two-bath home. This doesn’t mean you shouldn’t buy a smaller home if it suits your budget and your needs! Just don’t over-pay for it. Also, a home that has very dated and inefficient mechanical systems, or an odd layout, or other unusual qualities, could be harder to sell in the future.
Home condition. An older home with “good bones” shouldn’t be overlooked. Still, there is a fine line between a “diamond in the rough” and an outright money pit. A home’s construction quality, structural integrity and overall condition should be examined with care. Home inspection contingencies should never be waived! Read our free e-book, “How to Buy a Home like a Pro” for more information!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA-M, CNE, CSP, PSA, e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
