Floor-Plans: Really this is something you should take into consideration even before you begin looking to buy your first foreclosure or distressed property. The Layout, the flow of a home is also important to someone that you would like to re-sell this property to. I have experienced that the reality of what a home's layout is, isn’t always evident by the information you receive from web sites or MLS viewings.
The following list is what I have felt are primary negative factors to consider when looking for a home to re-sell:
1. Stick with 3+ Bedroom homes, they are most conducive to families and couples who expect their families to grow. You can consider 2 bedroom homes, but from experience, they are harder to sell, thus taking a bit more time to get money back on your investment.
2. Avoid any homes where you have to walk through one bedroom to get to the next. No matter what the condition of the home even if it’s superior to others you have looked at, think long and hard before you buy a home with this sort of home layout. The same would hold true of bathrooms. I viewed a 3 Bedroom, One Bath home where not only you had to walk through the 2nd bedroom to get to the 3rd, but you also could not get to the master bedroom without walking through the bathroom. 2 Negatives to buying that home, unless structural modifications could be EASILY made to alleviate these conditions. Think seriously also about a home with one bathroom and its on the 2nd floor of a two story. What would it take to put a least a half bath on the main level? Also today’s buyer expects 1.5 – 2 Baths. If possible with 1 bathroom homes, what would it take to and a ½ or full bath.
3. How about Styles?- Ranches are more popular than two stories in most areas, 1.5 Stories with at least one bedroom and bath on main floor might be next, then two story homes. Ist time Home buyers are young and don’t mind steps, but if you are in an area of older home owners, too many steps can be a negative factor in making a sale.
4. Location- the next list is subjective but highlights factors that any prospective buyer needs to look at. Is it a corner lot with lots of sidewalks to care for or shovel? Might be a negative factor? How much traffic is on the street? Will it be hard to get out of the driveway? Is there commercial business right next door? This could have a negative effect on a buyer. Again, a great way to decide is think about it yourself, what is negative about the floor plan or location of a prospective investment? This will definitely guide you to the correct decision for you. Besides Floor-Plans, What else must you Consider? Floor-plans are in Important Consideration when Buying a Foreclosure!