San Luis Obispo Buyers Information

When buying a house, there are many factors to consider – not only what you consider desirable in a home but also the resale value of the property. While some of us may live in the next home we purchase for many, many years, the average number of years most people live in a house is approximately seven to eight years. Consequently, the resale factor is something to think about.

For yourself and your family as well as for maximum resale value, you want to be sure that the city overall has a stable economy. You should be able to ascertain that five or ten years down the road, your community will still be a desirable place in which to live. Take a drive around the neighborhood in the vicinity of the home you are considering to be sure that the homes in the adjacent areas are well kept and that the community in general is well maintained.

Check out the crime statistics to see how your neighborhood compares with other local communities as well as with the national average. An effective police department as well as fire department is important for quick emergency response.

Local government should provide good services to the community such as community events and activities for residents including an up to date library system, well maintained parks and athletic facilities, etc.

The local school system is an important resale factor. Even if you do not have children, a large segment of the home buying community probably will and the school system should be investigated and considered. Are your local schools overcrowded? How well do the children do on standardized tests?

If you desire a home with a spectacular view, be aware that other prospective home buyers may not be willing to pay extra for this view. Try not to pay a great deal extra for it as you may not recoup your money. You should not consider it an investment but instead as a source of personal pleasure.

And never buy the largest house in the neighborhood! If the houses close to you are smaller than your home, they will have a negative impact on appreciation. On the other hand, buying a small or medium sized home in a prestigious neighborhood will help increase the appreciation of your house by proximity to its larger and more expensive neighbors.

When considering the resale value of the house itself, there are factors to consider related to the physical property. Even though lot sizes are much smaller now than they were some years ago, you should still look for a home with a decent sized front as well as back yard. A pool in the back yard is fine but not if it takes up most of the yard with insufficient room left for swing sets, barbecue equipment, lawn furniture and possibly a dog run.