If you are looking at buying a home or have ever bought a home, a question that may have popped up during this process is “I wonder how much this place will be worth 5, 10, 15 years from now.”
A home that maintains or grows in value relative to the state of the real estate market is highly sought after and something to be considered no matter where you are moving.
Let’s uncover 5 things to look for in houses that maintain their value better than the rest:
Location, Location, Location
Location, location, location. We’ve all heard it and we all agree – being in a nice tidy neighbourhood close to the school and with a burgeoning forest in the back is great! Being next to sloppy neighbours whose yard looks like a tropical rainforest – not so much.
When considering a home’s location ask yourself questions like:
- Is the community under constant improvement?
- Are expansions being made (shopping, cinemas, restaurants)?
- What do other homes in your area look like?
- Are there schools around? Forests? Parks?
- Do you have a nice view?
These are all indicators that your home will be in a location that is always in demand, even in a volatile market.
Have You Upgraded?
Smart houses are all the rage and help with future-proofing your home’s infrastructure. Not only that, but upgrades within your home no matter how big or small can help swat potential buyers.
Do you have new shiny stainless steel appliances? Does your fridge have a screen? Do you have AC running throughout the house? Is there a fresh coat of paint? Do you have efficient windows?
All these little upgrades can add up – so walking into a home with all the bells and whistles can make your home feel and look like a showstopper.
A Deck / Patio
A deck or a beautiful patio can be the cherry on top of an already amazing property. Giving people the option to have an outdoor space is a highly sought-after feature in a home, and although many do have it, some don’t have both, or they simply were just an afterthought.
Investing in an elegant patio or deck for entertaining or barbecuing can help increase the value of your property. If you are going to make an investment, ensure it stands out and is functional.
Want to really wow prospective buyers now or years in the future? Consider adding a swimming pool, which is becoming increasingly popular in Ontario.
Tight siloed-off areas are a no go in 2022. Tight, restrictive spaces are passed in favor of open, interconnected rooms. If you aren’t currently in an open-concept house there is also the option to smash down a wall and create a larger space, but do be careful because on paper this means that you will likely have one less room, which may not “look” good to prospective buyers.
Open concept areas also help let natural light spread into the house, versus it being dark and dingy.
A Developed Basement
The pièce de résistance in many houses is a developed basement. Not only can you potentially rent this area out, especially if it is also a walkout basement, but it can also be a space for teenage kids to hang out in or for your husband’s man cave. A developed basement adds a separate oasis-type feel that you can retreat to after work or on special occasions.
They also help increase and maintain your property value, especially if homes in that area have mainly undeveloped basements.
Whether you are upgrading, looking, buying, or selling, it’s nice to know what makes houses on the market pop.
If you are looking to enter the market, trust the sound advice of a LIFE Real Estate Group agent. We will work with you, helping you on your unique real estate journey to find just what you are looking for.
For more information, click here: https://lifereg.ca/contact/.