With mortgage rates rising, 'Shark Tank's' Kevin O'Leary explains a how to choose a house that you'll be able to sell for a profit one day.
. O'Leary owns four homes and has bought and sold a total of nine different properties.
, here are some things to think about in terms of its resale value in five, six, maybe 10 years, " O'Leary says., it's likely you'll be shopping for real estate a bit farther out from the city center, O'Leary says. Indeed, the cost to live in major cities versus right outside can be striking. In the U.S., homes in urban zip codes have a median value of $315,988, while homes in the suburbs have a median value of $234,443,Here's how that looks in a place like Denver: The median per-square-foot cost for a home with an urban zip code is $332.12, while the median per-square foot cost for a home with a suburban zip code is $236.63,.
Ask yourself, "Is it close to good schools?" he advises. "Is it close to a bus or some kind of transit line or subway? That is also very useful. Is it close to a grocery and drug store?However, don't stray too far outside of a city or popular area. "Being just outside of town is not so bad," he says, "but if it is a 20-minute drive into the country, that is going to be tougher to sell because fewer people are going to want that.
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