The old adage is that you make your profit when you buy, not when you sell. What you should look for are those amenities that are usually preferred by the majority of people. These include: a good appearance, a good location on the block, a good school district, a low crime area, and a big enough size to appeal to a wide variety of buyers. Avoid features that only a few people would like, thus limiting your spectrum of potential buyers later on.
Buy with the right features and later on you can sell more quickly and for a greater profit. So, what amenities do most buyers want? Since you're a buyer, you probably have some strong feelings on this subject yourself. However, while you may be right on target in some cases, you could be miles off in others.
Here's a list of some of the most preferred items, not necessarily in order of priority.
1. Three or four bedrooms. A two-bedroom home with each being a master bedroom has become popular recently, particularly for families without children. But there are far more buyers with children than without children out there. More bedrooms make the home more versatile.
2. Two to three bathrooms. Some older homes have only one bath, which is considered a detracting feature. Generally, most buyers will subtract the cost of putting in a second bathroom from any price you set. (If you're considering buying a home with a single bathroom, you should do the same thing!)
3. Two- or three-car garages. A one-car garage is considered a detracting feature. People prefer bigger garages because homes generally have limited storage space and the garage becomes a great place to store items.
4. Fireplace and air-conditioning. These are no longer extras, but are expected in almost all climates. A house without them may sell for less, and it may take much longer to find a buyer.
5. Family room. Formal dining rooms are shrinking in size or being eliminated entirely, while family rooms are growing in size. A dining L or nook may suffice, but a house without a good size family room is a no-no.
6. Adequate footage. At least 1500 but preferably 2000 or more square feet for a house. At least 1200 but preferably 1500 or more square feet for a condo or town house.
7. A large kitchen. Buyers these days are returning to the old style of a farm kitchen with at least a breakfast nook or eating area inside.