What Value-Retaining Features Should You Look For?
If you’re considering purchasing a new home, one of the key factors to consider is whether the home’s value will increase or decrease over the next several years to ensure you’re making a smart purchase. Here are some of the top value-retaining features to look for when comparing potential homes.
1188 3 Street SE #3802, Calgary, AB
Location
Consider homebuying trends in the neighbourhood over the last few years to determine if the area will still be in demand in the future. You’ll also want to get a sense of what types of amenities and conveniences are nearby. Homebuyers are likely to desire proximity to things like grocery stores and restaurants as well as good options for schools and childcare.
4725 Appaloosa Way, Duncan, BC
Outdoor Appeal
Homebuyers consider several aspects of the outside of the house when buying a property. Homes with a well-kept exterior, a large lot size, and appealing landscaping are ideal. Fencing around the property is particularly attractive for privacy and for potential buyers with children or pets. Patios, pools, and other outdoor entertainment areas will always be attractive to buyers. Lastly, consider the views that a home offers. Scenic views such as water, mountains, or forests can increase a home’s value by anywhere from 15% to 80%.
50 Yorkville Ave #4303, Toronto, ON
Modern Features and Upgrades
Buyers typically hope to purchase a home that is ready to move in, without having to invest their own time and money in upgrades. Things like hardwood or marble flooring, modern cabinetry, and high-quality appliances are key. Energy-efficient windows, doors, insulation, HVAC systems, and appliances also appeal to buyers looking to cut costs on monthly utility bills.
42 Rue St. Andrew, Lac-Brome, QC
Storage Space
Storage space – both inside the home itself and on the exterior property – can add great value to a home. Walk-in closets are highly desirable, as are spacious pantries, mudrooms, laundry rooms, attics, and basements. For condos, storage lockers are also desirable. Homes with large garages and those with outdoor sheds tend to be more in demand.
1214 Highway 8, Hamilton, ON
Neighbourhood Restrictions
While you may think Homeowners Association (HOA) or condo board restrictions could be inconvenient, they tend to add value to a home. An HOA/condo board sets rules around things like yard maintenance, exterior finishes, and parking, which can be a guarantee for potential buyers that the neighbourhood will maintain its aesthetics.
This article was originally published in Sotheby’s International Realty Canada Insight The Art of Living Blog in March 2024
