If you’re looking for an investment property, or think it’s likely you won’t live in a home long-term, you’re probably looking at things that will boost resale value. Some of these are built-in perks—like an unobstructed view or great condo amenities—and some are things you might be able to do yourself, such as kitchen upgrades. However, what makes a great resale perk can change as the values of buyers shift over time. Here are some hidden factors that can boost resale value with modern buyers:
Size Matters
For a long time, the demographic that lived in condos or smaller homes was made up of single professionals or couples. With that knowledge, developers built for that demographic. Now, however, we’re seeing that same demographic choose to live in the same areas, but with children and spouses in tow. This means that larger units, like two- or three-bedroom suites, will likely have better resale value in Canada’s urban areas. Don’t write off one-bedroom units completely though. If you’re looking to buy an income property near a university or in a high-density executive area, a one-bedroom is still likely to be valuable down the road.
Walkability
The new generation of homebuyers care less about their home’s features and more about its access to culture and vibrancy. Sure, modern appliances and stylish cabinetry won’t exactly harm your home’s sale appeal, but younger buyers (and downsizers too!) appreciate a nice pad in a location where you can walk to conveniences. This includes coffee bars, grocery stores, schools, libraries and entertainment venues. Renters feel the same way, so if you’re looking to buy an investment property, keep this in mind.
The Future
So many of Canada’s cities are undergoing exciting revitalizations to prepare for population growth. New office districts, increased parkland, upgraded transit lines and more space for schools and post-secondary institutions are common projects in the works. Don’t forget to find out what’s planned for the area you want to buy in. A new LRT line? A developing technology hub? A major downtown revitalization? These are all things that will positively contribute to your home’s resale value. Be aware that this can work against you too. Is a new rail yard planned for the space behind your building? A chemical processing plant proposed down the street? You might want to look elsewhere!
