Home Features That Offer Good Value

The homes for sale in Nanaimo that sell fast and at the right price are the ones that offer the best value to buyers. Here’s a quick look how value works and some of the home features that offer good value.

What is home value?

Home value is the amount of money you’d like to sell your home for and the price that a buyer is willing to pay at a given point in time. However, different buyers may place more or less value on the same home.

For example, homes for sale in the dead of winter generally sell for less than they would in the summer because demand is lower. Or, a large family places more value on a 4-bedroom home than downsizing baby boomers would.

8 market factors that influence value

Although no two homes are the same, there are some common market factors that influence home value:

1. Neighborhood comparables of recent sales prices of homes most similar to yours
2. Location factors such as quality of local schools, job opportunities, and closeness to shopping and entertainment add value to a home
3. Size of the home and usable space are important factors that affect home value
4. Age and condition of the home also add value
5. Upgrades and updates, although not all improvements have the same return on investment
6. Local market conditions such as seller’s market, buyer’s market, or a neutral market
7. Economic factors such as population and job growth
8. Interest rates that are low make homes more affordable to buyers

How to increase home value

Now that we’ve discussed some of the ‘big picture’ factors that affect value of homes for sale in Nanaimo, let’s cover some specific home features that offer good value. Many of these are easy to do and can increase the value of your home before you know it:

• Small improvements such as new faucets, updated light fixtures, electrical outlets, and window treatments are all little features that can add large amounts of value to a home
• Painting is one of the easiest and least expensive features that offer good value – rooms will look cleaner and more modern with neutral colors that appeal to a wide range of buyers
• Visually increasing the size of rooms with mirrors, lighting, and replacing heavy drapes with vertical blinds or shutters make a house feel larger and more open
• Little things like extra attic insulation, fresh window caulking and door sweeps that seal the gap at the bottom of exterior doors add value by making homes more energy efficient

Extra tips to increase your new home’s value

Even if you’ve recently purchased a new home and don’t plan on selling soon, you can still add value to it. Here are three things you can do to increase the value of your new home and make it more enjoyable to live in before the time comes to sell:

#1 Updating the kitchen and bathrooms

Updating in the kitchen and bathrooms adds the most value and provides the greatest return on investment. There are two reasons for this. First, both of these spaces are high-traffic areas that people see and use all the time. Second, because kitchen and bath updates are appealing to buyers, appraisers usually look for updates in these rooms when determining home value.

#2 Maximizing curb appeal

Curb appeal matters because it creates a lasting first impression on prospective buyers and makes them want to see the inside even more. Planting healthy trees, flowers, and keeping lawns neat and trimmed are three of the easiest things you can do to create good value in your home.

#3 Add square footage or open up the floor plan

Adding usable living space to your home will increase its per square foot price. Opening up the floor plan also adds value, even if the square footage doesn’t change. Removing a wall, widening a door way, or installing a kitchen island are all features that today’s home buyers see extra value in.

Key takeaways for home features that offer good value

• Value is the money you’d like to receive for your home and the price a buyer is willing to pay
• A home can have less value during certain times of the year, and be worth more or less to different buyers
• Factors that influence value include neighborhood comps, local market conditions, and interest rates
• Home value can be increased with small improvements like window caulking, new faucets, and fresh paint
• Updating kitchens and bathrooms can offer the greatest return on investment