In real estate, the floor plan can make or break your home’s value to potential buyers. We have seen time and time again where a house with an unusual floor plan will sit on the market significantly longer than a home with a typical layout. While the layout may make sense to you and fit your family’s needs, it may not be the best way to invest your hard-earned money if you can’t sell the home down the road because it doesn’t work for the average household.
Case in point was a very affordable home in Montrose that sat on the market for over a year because the homeowners had altered the floor plan to suit their needs. While you may not think that’s such a big deal, the home sold for around $50,000 less than asking price because the layout was not ideal for most buyers, so the sellers lost a great deal of equity in their home as a result.
Another home in a popular neighborhood offered abundant square footage, but the bedroom layout was awkward. Potential buyers were unable to figure out how to make this arrangement work for their needs, so this home also sold for around $40,000 less than asking price, unfortunately.
A third example is a generously sized 2,400 square foot home with 180-degree mountain views for a very reasonable price in today’s market. An older vacant home, this one has quite a few undefined living spaces all jumbled together. The result is that buyers can’t envision how their belongings will fit in each space, which can make an existing home very hard to sell.
In a market where home building can be a more affordable option than purchasing an existing home, it is crucial to consult with a reputable architect, builder, and real estate agent to make sure what you are constructing will be something easily sellable if at some point in the future you decide to make a change. Since the average duration of homeownership is around 8 years, it is prudent to ensure you can get your money back out of your investment. Even more essential if you are limited on space is making sure the square footage is well allocated to maximize the usable space.
Pay attention to trends in real estate or ask your agent if you’re unsure of your options. Is an open-concept home still the best way to go? Some studies have shown that layout may be cooling in popularity, surprisingly enough. As overwhelming as this all sounds, don’t scrap those blueprints just yet. We are here to offer advice and suggestions on your real estate plans. If you are in the market to buy a home, we would love the opportunity to make sure you are spending your money where it is worth spending so you don’t find yourself in a space you’re unable to sell, should the need arise.
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