I’ve been asked the same question by three different buyers this week: what type of property will hold the most value?
First and foremost, if you're buying a property for yourself, consider what you want, not necessarily what is going to hold the most value. In my 15 years in the real estate business, there are some key factors I see buyers looking for in properties that haven’t changed much since I’ve been in business.
#1) Single Family Homes with Low Fees
Buyers are interested in purchasing single family homes with low fees. In some communities, fees are $300/month and can include irrigation, cable, and landscape, which is absolutely worth it. If you’re purchasing an investment property, look into the fees in your community, because you don’t want to waste your money on amenities you won’t use.
#2) Bedroom Size & Square Footage
Over the past few years, I’ve noticed new properties have tiny bedrooms. This is something you’ll want to be mindful of when looking for a property. You don’t want to cram four bedrooms in 1600 square feet!
Depending on the value of the property and location, 1800 square feet is a reasonable minimum. When looking at the price per square foot, compare the cost with similar homes. You should also research the absorption rate in the previous three years.
#3) Three Car Garage
If you can get a three-car garage at the right price, jump on it! You can purchase a home in Bonita Landing with a three-car garage for a very reasonable price. It’s a community with low HOA fees on Bonita Beach Road not far from the beach and has tons of new construction.
#4) Age of the Property
Unless it’s a unique home or has been completely remodeled, you should consider the age of the property before purchasing. Buyers are looking for new properties, not older ones unless there is something unique about it.
If you are looking to buy, sell or invest in a property in Southwest Florida our team would love to work with you.