RSS

6 Signs a Home Will Likely Increase In Value

A home is a massive investment. Any new homeowner will naturally hope their investment will gain value. While nothing in life is guaranteed, there are some excellent indicators that a home is likely to substantially increase in worth over the years. Here are the six main signs to look for.


1. A nice neighborhood. Location often plays the largest role in determining home value. Consider what can be found in close proximity to home. Are there quality restaurants, cafes, good grocery stores, banks, and department stores relatively nearby? How about pleasant parks and trails? Most importantly, is the area safe and crime-free?


2. A pleasant street. Virtually all home buyers prefer a house found on a quiet street with a nice atmosphere. Think big leafy trees and well-maintained lawns -- the kind of place it would be enjoyable to walk in. Homes that are obviously run-down are a huge negative -- for example, a house that looks as if it hasn't had a fresh coat of paint in decades.


3. A strict homeowners association (HOA). Restrictive homeowners associations can be a huge pain to deal with. On the flip side, they are also great for resale value. The restrictions an HOA places on homeowners helps ensure the neighborhood doesn't go to seed and thereby damage home values.


4. A family-friendly design. Many homes are bought by young couples who are either planning for children or already have them. To be suited to families, a house should have three or four bedrooms and multiple bathrooms, including at least one bathtub. An open layout and the presence of a yard are also advantages.


5. A good school district. When deciding where to buy a home, parents may care more about the local schools than the home itself. While schools rise and fall in quality, the change is generally gradual, so being located in a solid school district is a strong indicator of future home value.


6. Timeless design. Generally, a home that stands apart is worthless. A home with quirky, unusual features will have less mainstream appeal and thus less resale value. In contrast, design choices that appeal to almost all tastes will always sell well. Think features such as hardwood floors, a spacious, open floor plan, tall ceilings, and lots of natural light.


Many homebuyers imagine they will stay in their new home for the rest of their lives. However, that usually doesn't happen. The exigencies of life mean that moving at some point in the future is likely. That's why the potential resale value of a home always matters a lot, and should always be taken into consideration.

Read

6 Persistent Real Estate Myths You Really Need to Ignore

Whether you're a home-buyer or a seller, it pays to understand the real estate market if you want to get a good deal. Unfortunately, a series of damaging ideas has grown up around real estate which can get in the way of a smooth transaction for both sides.


Here are six of the worst myths you need to ignore.


1) Spring is the Busiest Season.


Traditionally, the best time to list a home was in spring. This was because parents would try to move home over the summer holidays, minimizing the disruption to their children's education. Naturally, spring became the busiest season with the most homes appearing on the market.


However, today's home-buyer profile is a lot more varied than in the past. More than half of buyers are unmarried and have no children, and the school timetable is no longer nearly so relevant.


Instead, as a seller focus on getting your home In the best sale-ready condition you can before listing, rather than rushing to meet an outdated deadline. And as a buyer, start your search whenever you're ready to move, whatever time of year that is.


2) Start With a Low Offer


When you've found a home you want to buy, the traditional advice is to put in a low offer far below what you're really prepared to pay. The idea is to test the water and avoid paying more than you need to.


Today, this is poor advice. Whatever the overall state of the real estate market, desirable properties can sell extremely quickly. If you put in too low an offer, you run the risk of being outbid by another buyer leaving you no time to react.


What's more, most asking prices today are set according to well-established guidelines, and the vast majority of homes are priced more or less correctly. As a buyer, offering an insultingly low figure makes you seem like a time-waster, alienating the seller and souring negotiations from the start.


As a seller, if you receive an offer far below what you're asking for, you shouldn't hesitate to reject it out of hand rather than using it as a starting point for negotiation.


3) Cash is King 


It's often thought that a cash payment is the most attractive option for a seller, and therefore the best choice for a hopeful buyer. This idea is completely without foundation.


The vast majority of homes are bought using a mortgage, and it's the expected mode of payment. If anything, an unusual cash buyer might raise the suspicions of a careful seller, who may choose to opt for a well-documented, traceable, bank-financed buyer instead.


4) Making Improvements Boosts the Value 


While it's important to make your home look presentable if you want to sell it quickly, it's a mistake to think investing in home improvements will boost its value by much. Most improvements won't raise the value by enough to pay for themselves, with the possible exception of major structural work such as an extension or basement conversion.


For sellers, it's usually much more cost-effective to concentrate on fixing problems and improving appearances rather than spending a fortune on upgrades and remodels.


For buyers, don't let home improvements you don't need lure you into paying a premium.


5) You Can't Trust Real Estate Agents 


There's a common idea that real estate agents should be treated warily, and any advice they give taken with a pinch of salt. It's not clear why this myth has developed.


Most agents earn their living from commission on successful sales, where both the buyer and seller need to be happy for the sale to close. It's in the interests of a real estate agent to help strike a fair deal, not to propose unrealistic prices in either direction.


6) Buyers Can Leave Finance Until Later 


Arranging a mortgage isn't as exciting as exploring listings to find your dream home, but it's not something to put off. If you don't get a pre-approval right at the start of the house-hunting journey, you can risk several major problems later on.


You could fall in love with a home that's out of your financial reach in reality. And even if you can afford the asking price, starting a mortgage application from fresh can introduce a deadly delay, opening the door for competing buyers.


And lastly, seeking a pre-approval will highlight any problems with your credit file, giving you a chance to fix them before getting too deep into the buying process.


Buying or selling a home is complicated enough, with plenty of pitfalls along the way. Don't make it even harder by accepting these all-too-common myths that serve no purpose in the modern market.

Read
Categories:   Albion Real Estate | Aldergrove Langley, Langley Real Estate | Anglemont Real Estate | Brookswood Langley Real Estate | Campbell Valley Real Estate | Central Meadows Real Estate | Chilliwack W Young-Well Real Estate | Chilliwack W Young-Well, Chilliwack Real Estate | Citadel PQ Real Estate | Clayton Real Estate | Coquitlam East, Coquitlam Real Estate | Coquitlam West Real Estate | Cottonwood MR Real Estate | Dewdney Deroche, Mission Real Estate | East Central Real Estate | East Newton Real Estate | Financing | First Time Home Buyers Guide | Guildford Real Estate | King George Corridor Real Estate | Langley City, Langley Real Estate | Lindell Beach Real Estate | Magna Bay Real Estate | Metrotown, Burnaby South Real Estate | Mid Meadows Real Estate | Mid Meadows, Pitt Meadows Real Estate | Mission BC Real Estate | Mission BC, Mission Real Estate | Mission Real Estate | Mission-West Real Estate | Mission-West, Mission Real Estate | Mount Pleasant VE Real Estate | Northeast Real Estate | Northwest Maple Ridge Real Estate | Otter District, Langley Real Estate | Port Moody Centre Real Estate | Quay Real Estate | Renfrew Heights Real Estate | Riverwood Real Estate | Royal Heights Real Estate | Sardis West Vedder Rd Real Estate | Scotch Creek Real Estate | Silver Valley Real Estate | South Meadows Real Estate | Southwest Maple Ridge Real Estate | Stave Falls, Mission Real Estate | Thornhill MR Real Estate | Thornhill MR, Maple Ridge Real Estate | Upper Delbrook, North Vancouver Real Estate | Websters Corners Real Estate | Websters Corners, Maple Ridge Real Estate | West Central Real Estate | West Central, Maple Ridge Real Estate | Whalley Real Estate | White Rock Real Estate | Whonnock Real Estate
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.