The Major Factors that Determine the Resale Value of Your Home

Posted by on Friday, July 4th, 2014 at 9:01pm.

When it comes to reselling your home there are quite a few factors that can influence its value. Below you'll find the top 5 factors that can make your home sell for either more or for less.

1. Age

A historical home and a new home will be worth more than a home that is somewhere in between. As a home ages it loses its value until it hits a point when it can be considered to be a heritage home.

2. The location

The location has always played a major role in determining a    home's value. Nowadays one of the main benefits of any location is the walkability score it has. As millennials scale back on their reliance on owning a vehicle, getting around and having easy access to amenities is a prime selling feature of any home.

Potential home buyers are also looking for neighbourhoods that offer a   strong sense of community values and interaction. When there is a good school and community centres nearby, these amenities are considered to be a big plus point.

3. Condition

Most people don't want to purchase a property that isn't move-in ready. A home that requires a lot of work can sit on the listings for a lot longer than a home that is in pristine condition. That is why it is so important to do the repairs around the home if you can before putting it on the market.

4. Upgrades

Certain renovations can add to the resale value of your home but you need to be careful about the upgrades you make. If you over-improve your home by doing fancy renovations that wouldn't be considered to be the norm in your neighbourhood, they may not pay off. Before starting a major reno project you may want to get a feasibility study prepared by an appraiser to find out how the upgrades will impact the resale value of your home.

5. Layout

While size is still important, the layout of the property is definitely a key factor. A home with an open concept will look a lot more spacious than a bigger home with a boxed-in look and feeling to it. If you're thinking about doing any renos, keep in mind that a spacious design can add value to your home and may also help to sell it faster.

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