When buying a home, many envision settling in for years or even decades. However, not all home purchases are long-term. Whether it’s due to personal preferences, life transitions, job relocations, or unexpected changes, sometimes life necessitates a short-term stay in a property. If you find yourself in this situation, it’s crucial to protect your home’s value, even if you plan to sell sooner than most homeowners, typically within seven years. Here are some key considerations to help you make a smart investment for the short term.

Prioritize Location

Location is a critical factor in real estate, and this holds especially true for short-term homeowners. Urban properties close to schools, transit, and other amenities tend to sell more easily and retain their value. Opting for a downtown condo over a remote countryside estate might make more sense if you plan to sell soon. Beyond neighborhood appeal, avoid main roads with heavy traffic and look for homes with desirable features like a sunny southern exposure.

Consider the community you’re buying into as well. Investing in the best neighborhood you can afford, even if it means purchasing the least expensive house on the block, can offer great resale potential. Additionally, research the average days on market in the area to ensure you buy in a location where homes sell quickly.

Choose the Right Type and Age of Home

When buying for the short term, consider newer homes, especially those in high demand in your area, like single-family homes versus townhomes or condos. While older homes may have charm and unique features, they often require more maintenance and may not appeal to younger buyers looking for updated properties. If you opt for an older home, ensure it has recent upgrades to major systems such as the roof, plumbing, and heating.

Look for homes with at least three bedrooms and two bathrooms, even if the second bathroom is a half bath. This can help attract a larger pool of potential buyers when it’s time to sell.

Evaluate Upcoming Renovations

Consider the cost of any necessary renovations before buying. If the home requires significant repairs, such as a new roof, these costs will either need to be covered by you or deducted from the sale price. It might be wiser to choose a property that doesn’t require immediate costly renovations.

For those who wish to personalize their home, focus on value-adding renovations that aren’t too expensive, like updating light fixtures or applying a fresh coat of paint. Key areas to consider are the kitchen, bathrooms, and exterior, which can offer substantial returns even in the short term.

Regular Maintenance

Even if your ownership is short-term, keep up with regular maintenance and cleaning to ensure the property remains in good condition and retains its value.

Review the City Area Plans

Before finalizing your purchase, take a look at what the city has planned for the area. You might discover easements or rights-of-way that might restrict property use and will give insight into any significant changes planned for the neighborhood. Understanding potential developments, like new high-rises that could block views or new schools that could increase property value, is crucial for making an informed decision.

Be Cautious with Unique Features

A home with unique features, like an indoor pool or a converted garage, might appeal to you but could limit your pool of potential buyers. Consider whether the lower resale price is worth the enjoyment of these features for a few years.

By keeping these considerations in mind, together, we can find a home that suits your current needs while safeguarding your investment for a future sale. Visit me on Facebook and Google!