Homebuyers should consider value retention when searching for a home

February 8, 2010 - Although the economic downturn has created a good market for homebuyers, individuals who are planning on relocating may want to consider a property's ability to maintain its value after the economy recovers.

Because many home sellers have been desperate to find buyers in response to the economic downturn, several properties have sold for prices that are well under their potential value. While affordability can be beneficial to homebuyers in the short term, individuals who are planning to move later can take several steps to ensure the worth of their new home will stay the same or increase.

Jim Merrion, regional director of RE/MAX's Northern Illinois network, said that value retention is dependent on "location and condition…but other factors can play a major role, including the type of home and its price relative to other properties in the same area."

While home repair and maintenance are undeniably important in ensuring a home's value, homebuyers may also want to consider an area's typical weather conditions and protect the property accordingly. In addition, homeowners can increase their home's worth by making sure that appliances, décor and landscaping are up-to-date.

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