When buying a property, either as a home or investment, there are several things to look for when visiting an open house (called ‘open for inspection', ‘open to view', or ‘open home' in some countries). Here are 4 tips to get you started.
1. Take Photos of Properties
Take indoor and outdoor photographs of each house you inspect. A checklist is a good tool too. Take photos and make notes because it can get confusing when looking at several properties. And don't hesitate to return for a second look.
2. Look for Ways to Increase the Resale Value
Look for opportunities to increase the value of the property e.g. add a garage, redecorating, landscaping, subdividing the land, adding an extra room or level etc. Increasing the value should ultimately create a positive effect on the resale value too. Pay attention to floor plans. Changing layouts of rooms later can be expensive.
3. Consider Aesthetics and Maintenance Levels
What type of building materials do you prefer? The three most popular wall choices are brick, wood siding and stucco. Wood window frames can add character, aluminum window frames are practical and vinyl windows have certainly become popular over the past fifteen years. Around 50 percent of home buyers seem to prefer brick for exterior walls over wood siding or stucco. Brick and aluminum require little maintenance.
4. Buy a House for All Seasons
Although you may not be a gardener, landscaping and trees do enhance the beauty and value of a lot and house. A planting of deciduous trees, shrubs and vines can provide shade in the summer and sunshine in the winter. Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round? Also, look carefully at the indoor/outdoor flow of the house and whether you could improve on it. Access from indoor living spaces to exterior spaces (decks etc) encourages outdoor living and appeals to many buyers.
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