The more things change, the more they stay the same… Those words strike a chord during these economic times, and it’s no different when you’re talking about your home. Whether the economic news is good or bad, one thing never changes: people always want (and deserve) the most for their money. That applies to a home, whether new or used. How does that affect you?
Well, since each home is unique, there is really only one thing that’s common from one house to another: square feet. Put your Buyer hat on for a moment: if you’re shopping for a home in a certain neighborhood, and you come across two that you want to compare, what’s one way to determine which is the better value? Price per square foot, all other things being equal. How does that affect you when you are the Seller? Think about this: what’s the first thing an appraiser does when trying to determine the value of your home? She measures it. She doesn’t look at the landscaping, doesn’t look at the lovely stainless appliances or the high-end travertine tile. If you want to maximize re-sale value, the safest bet is square footage. You want the most house you can get for the money. Ever heard the old saying, “Buy low – sell high”? It applies to square feet too! If you can get a lot of square feet for the money, it’s like buying at the bottom of the market; those square feet will always have value, but the stainless appliances and stained concrete might not. Think about those avacado-colored appliances your parents or grandparents had. Think those add value to a home today? What do you think might happen to the things that are in style today? Guess what – square footage never goes out of style.
Thanks for reading!
About Tim Turner