There are several compromises that affect the property value of your home. Many homeowners do not think about these compromises when they are choosing their home. Most of the time homeowners are acting on emotions and how they will feel in the home. It is easy to neglect the important aspect of homeownership, and that is value. Emotions will come and go with each property but the value is what should never be compromised. Things that may compromise the property value of your home are location, size, and color.
It goes without saying that location can be the end-all be-all when it comes to purchasing a home. Most buyers are looking to purchase a home in the best location possible. Factors that should be determined when picking a location to purchase a home is the crime rate, the school district, and the access to amenities such as shopping, entertainment, and healthcare facilities. Crime rate ranks on the list of compromises that affect property value. You can build the most immaculate home you ever dreamed of, but if it is in a bad neighborhood it could be a nightmare trying to sell it one day. Families are concerned about their safety and the last thing they want to worry about is their home or cars being broken into. Even ritzy neighborhoods have issues with crime so it is best to do your research before you make your purchase.
Some believe that the bigger the house the better. This is not true in all cases. The average single-family home consists of three bedrooms and two bathrooms. On occasion there are those families who are looking for a larger home but when you start getting into five and six bedroom houses they become harder to get rid of. The reality is not many people need that much space. If you are going to opt for more than three bedrooms it is safe to have four but anything more you may be compromising the value you will have within the home. So, unless you plan to keep the house in the family as a legacy piece, sticking with a three bedroom may be the safest option in terms of resale value.
The final compromise to property value to think about is the color of the home. Your favorite color may be pink but that does not mean your home needs to be. Home-owner’s associations are very strict when it comes to the colors of the homes within the neighborhood. So, it may be a violation to choose colors that are not HOA approved. If there isn’t an active home-owner’s association it still would be a wise financial decision to stick with neutral colors for the outside of the home. The interior colors of the home can be played with because they can eventually be changed. The outside paint will be pricier to change when it is time to sell the home. As a home owner, be forward thinking and consider what color home would sell versus one that is “your” favorite!