Whether you’re already a homeowner or considering buying a home, you ideally want a property that steadily appreciates in value. After all, owning such a home is good for your family’s financial well-being. So, let’s look at the factors that can impact a property’s value.
1. The Size of Home
As a general rule of thumb, larger homes command higher prices than smaller ones. That’s because Potential buyers often seek spacious living areas, ample storage space, and room for growth. However, it’s important to strike a balance, as excessively large homes may have limited demand due to higher maintenance costs. In other words, it may take longer to find the right buyer for a larger home.
2. Age of The Home
The age of a home significantly impacts its value. Older homes may possess charm and character, but they may also require more maintenance and renovations. Modern buyers often prefer newer homes that offer updated features, energy efficiency, and the latest architectural trends. However, historical homes in well-preserved neighborhoods can still hold substantial value due to their unique appeal and scarcity.
3. Number of Rooms
People usually look to purchase homes where they can raise families. That means that a home should have several bedrooms and bathrooms. In addition, having extra rooms like guest rooms can also be helpful.
4. Presence of a Garage
The presence of a garage can significantly influence the value of a home. In today’s automobile-centric society, having a secure and convenient parking space is a desirable feature. A garage provides protection from the elements and adds an additional layer of security for vehicles. Homes with garages often attract higher offers compared to those without this feature.
5. Kitchen Features
The kitchen is the heart of the home for many people. A modern and tastefully designed kitchen with cutting-edge appliances, storage, and the latest countertops can help boost the value of a home.
6. Finished Basement
A finished basement can add valuable living space to a home and subsequently increase its value. Whether used as an entertainment area, a home gym, or a guest suite, a finished basement offers versatility and convenience.
Many buyers look for homes that have basements equipped with kitchens, bathrooms, and separate entrances. They can use such homes as rental properties to generate extra revenue and pay their mortgages.
7. Area Amenities
The proximity to parks and recreational facilities is another crucial factor that influences home value. Living near green spaces, playgrounds, and sports facilities enhances the quality of life and provides opportunities for outdoor activities. Properties in close proximity to these amenities tend to attract families and individuals seeking an active and healthy lifestyle, thereby increasing their value.
Of course, the convenience of having transportation options, shops, restaurants, and businesses nearby can also influence home value.
8. Access to Schools and Educational Institutions
The availability of quality schools and educational institutions in the vicinity can significantly impact home value. Families with children often prioritize living near reputable schools to provide their children with a good education. Properties located within highly regarded school districts are in high demand, and their value tends to appreciate over time.
9. Curb Appeal
The first impression a home makes is crucial in determining its value. Curb appeal, of course, refers to the attractiveness of a property when viewed from the street.
10. Neighborhood Characteristics
Factors such as safety, cleanliness, and community amenities can greatly raise demand for areas. And properties in sought-after neighborhoods tend to hold their value and appreciate over time.
11. Quality of Neighbors
The quality of neighbors can indirectly affect home value. A friendly and respectful community can enhance the desirability of a neighborhood, making it more appealing to potential buyers. Positive interactions with neighbors create a sense of belonging and contribute to a pleasant living environment. On the other hand, disruptive or undesirable neighbors can negatively impact home value.
12. Crime Rate in the Area
The crime rate in the area is an important consideration when assessing home value. Buyers prioritize safety and seek properties located in low-crime neighborhoods.
13. Development Projects in the Vicinity
Development projects in the vicinity can significantly impact home value. For example, the construction of a new plaza or highway can raise demand for homes in the area.
The Role of a Real Estate Agent
One of the best ways to determine the value of a property is to consult with an expert agency in the area. For example, The Shawn Lepp Group realtors in Bowmanville can tell people interested in buying in the Durham Region exactly where homes are likely to appreciate in value.
In addition, when seeking a home that rises in value, it is essential to research the market, consider location, evaluate the potential for appreciation, and adopt a long-term investment mindset.
Meanwhile, assessing and improving your home’s value involves conducting a home appraisal, making necessary repairs and renovations, enhancing curb appeal, updating kitchen and bathroom areas, and utilizing unused spaces effectively.