Things to consider when buying a flat if you plan to resell it in the future

Koheli

You're in the market for a new home. You've been saving up and are finally ready to purchase your dream flat. But wait! Before you sign on the dotted line, you should consider a few things.

Yes, finding a place that meets your needs in terms of size and location is essential, but it's also important to think about the future. Will this flat still be desirable in a few years? Will it be easy to resell? Here are some factors to take into account when making your purchase.

Location: What Kind of Neighborhood Will Help Increase the Value?

When it comes time to purchase your flat, you'll want to consider the location carefully. Specifically, think about the kind of neighborhood that will help increase the value of your investment.

For example, a prime location in a major city will always have a higher resale value than a property in a suburban area. You'll also want to consider public transportation, schools, and other amenities necessary to your target market.

Floorplan: What Kind of Layout Will Make It More Attractive to Potential Buyers?

When it comes time to purchase your property, you'll want to consider the floor plan. If you have any thoughts of reselling in the future, you'll opt for a layout that is attractive to buyers. This means choosing a property with minimal hallways and wasted space. Opt for an open-concept design that will make the home feel larger.

Consider bedrooms that are situated at opposite ends of the home. This will allow potential buyers to use one bedroom as a master and the other as a guest room or child's room. And speaking of children, you'll want to ensure that the flat is age-friendly, with bedrooms and bathrooms on different floors.

Size: How Much Space Is Available and Desired by Potential Buyers?

Regarding size, consider how much space is available and desired by potential buyers. You don't want to buy something too large or too small – it needs to be just right.

If you're looking for a smaller space, a one or two-bedroom flat may be ideal. This will make your property more affordable and easier to resell. But a three- or four-bedroom flat may be a better option if you're looking for something more significant. This will give you more room to grow and attract more buyers when it comes time to resell.

Maintenance and Upkeep: How Will This Affect the Overall Value?

When considering the purchase of a flat for resale, you must ask yourself how the upkeep and maintenance will affect its overall value. Maintenance includes repairs, painting, furnishing, and any long-term replacements like windows or appliances.

If you're looking to purchase a property needing repair, be aware that costs can add up quickly. Make sure you're prepared to replace fixtures and fittings regularly to keep them in good condition. Even something as simple as cleaning the carpets regularly can prolong their lifespan.

Remember: any upgrades or improvements can add value to your property in the future—though some may begin to depreciate after an extended period (so don't invest too much into them). Taking this into account during your purchase is essential; it's the best way to ensure you get the most out of your investment in the long run.

Amenities: Are There Any Features That Can Increase Its Desirability?

When you're planning to resell the flat in the future, one of the most critical considerations is amenities. Are there any unique features that make it more attractive to potential buyers?

Think about what other buyers might be looking for, such as proximity to shops and schools, good transportation links, lifts/elevators, security guards/CCTV cameras, and community facilities like a park or pool. These are all great amenities that can increase your flat's desirability.

And don't forget about age restrictions—if the flat is in a building with an age restriction, it could limit your potential buyer pool. It would be best if you also looked at any restrictions on pet ownership or rental of the property.

All these factors can affect how attractive your property will be to potential buyers, so do your homework before investing.

Conclusion

If you're looking to buy a flat, remember that you may want to resell it in the future.