So, you've stumbled upon the house of your dreams, but there's one catch – it doesn't come with a backyard. Should you immediately hit the panic button for your home search? Does it signal a disaster for potential resale value? Not necessarily. According to real estate experts, there are three compelling reasons why a house without a yard might still be the perfect home for you.
1. No Need for the Outdoor Space
Real estate professionals, like Associate Broker Lindsay Barrett from New York, assert that the absence of a yard isn't a deal-breaker if you have no intention of using it. "The reality is, a lot of people don't ever use it," she points out. For instance, if you already own another property, like a vacation home, with ample outdoor space, you might not miss a yard in your primary residence." Elena Maestrone, a licensed agent with Tom Crimmins Realty in New York, seconds this perspective. She believes that most homebuyers have a clear vision of what they want in a home, and a yard doesn't always top the list. Some buyers might even overlook the absence of a yard if they frequently spend time with a family member living in the area who has a yard with amenities like a pool.
2. It's Not All About Resale Concerned about how a yard less home will perform on the resale market? Maestrone reminds us that while the presence or absence of a yard is considered when evaluating neighborhood comparables, it's just one of several factors considered. These factors include the home's square footage, the number of bedrooms, the quality of finishes, and more.
Barrett acknowledges that a yard less property could potentially impact resale value, depending on the market conditions. However, she also emphasizes that if you love the home and it suits your needs, chances are it will appeal to someone else when it's time to sell. In essence, enjoy your home without losing sleep over resale concerns.
"Pay the right price for the property, and there's no reason to doubt its appreciation potential, matching or coming close to other properties in the area," Barrett advises.
In summary, a yard less home can be an ideal choice, especially if you don't require outdoor space or if you have a deep affection for the property and it aligns with your requirements. While resale value is a factor to bear in mind, it should never eclipse the happiness and contentment your home brings. Whether you're in search of the perfect house, with or without a yard, don't hesitate to get in touch with Scott and the Smolen Team today to find the home that suits you best.
