The best question I have heard this year in Real Estate is the following: If I bought a property today, what would it take if I wish to sell it tomorrow?
Considering the nature of Real Estate, it is a superb question to ask yourself if you have made a safe investment. Is the property marketable to a future potential Buyer? Do I have enough cushion in the price I paid to resell the home?
For example, if you bought a property without any upgrades, you will have to upgrade it to today’s standards if you wish to resell it. Does your home offer enough square footage? Do I have any neighbors in the back? There are several questions to ask yourself but I think the following 3 items are most important:
1) Price: You need to make sure you have paid market value of the property or less. The more you negotiate below market, the better off you are
2) Condition of the property: Very important. If you bought an OLD home, you will have to spend considerable amount of money such as replacing the roof, upgrading the home, etc. in order to sell it in the future. Is the home outdated or does it meet today’s standards in a home?
3) Location of the property: Is the property located in a desirable location? If, for example, your home is located on a large corner lot or a lot without any neighbors in the back in a desirable area, you will be able to sell it faster than any other home. Lot size is also important. Most families want a home with enough space in the backyard for their kids.
A good question to always ask yourself: If I bought a property today, does the property meet certain conditions if I want to sell it to a future Buyer tomorrow? Would they like it?