Buying a home is a long-term investment that tends to increase in value over time no matter what you do to it, but sometimes the right renovations, changes or circumstances can truly bring you bigger returns on your investment than you initially expected and can be quite enjoyable in the process. Here are the top 5 factors that affect your value in a positive way.

1. Location
For obvious reasons, the location of your home has a huge influence on the value of your property and although we can’t change the location of your home, the location itself can change and when it does, we call it gentrification. Although buying in a great location guarantees a rise in value, gentrification is essentially the opposite. Imagine buying in a neighbourhood that is “up and coming” with the idea that we can renovate and upgrade our home to make it one of the nicer homes in the area. Gentrification is when this happens on a very large scale (the whole neighbourhood gets better and better with you over time). When this happens, the value of your home will take a huge leap upwards making it interesting to see that the right investments/renovations do truly pay off.

A good example of this is someone who bought a one-bedroom condo Griffintown in the early days of development (2011/2012) around $175,000 can now sell that same condo, although one of the older properties in the neighbourhood around $375k-$400k (after 11 years) without investing any money into it. Gentrification is one of the easiest ways to watch your home increase in value without doing much.

2. Aesthetic Renovations
As obvious as it may seem, Aesthetic renovations such as kitchen, bathroom and sometimes a simple paint job can increase the value of your home substantially and even bring return on investments such as 100-150% of the cost. The best part? you get the chance as an owner to enjoy the renovations in the short-term. Bringing your home up to date is a sure way to increase its value, make it more appealing to potential buyers and edge your way above the competition.

3. Important Renovations
Although much less enjoyable than aesthetic renovations, important or structural renovations such as windows, doors, roof, foundation repairs, etc. are ways to maintain the value of the home and increase its value vs. your neighbour’s home. When your home is the most well maintained on the street, it gives you a competitive edge over your neighbours and in turn raises the value of your home in comparison to others. Buyers don’t want to purchase a home with structural or important renovations, so if everything is taken care of in advance (and done right) it is much better.

4.Natural Light & Good Room Divisions
Combining these two aspects made the most sense for me while writing this article because simply put, they do go hand in hand. A well-lit home that has proper divisions will be worth more than a home with a closed concept or awkward layout that is lacking natural light. As brokers we see the choices our clients want to make when purchasing a home and the lack of natural light and open concept floor plan is almost always a deal breaker for young and older buyers alike. It is important to think of this when doing renovations or investing into your first home purchase as it will have a play on your properties value in the future!

5. Curb Appeal
Although impossible to quantify it, curb appeal raises the value of your home. This does not necessarily mean more expensive finishing at the front of your home such as pavers or fountains, but it does mean a good regular maintenance, clean driveway, and a healthy lawn. Showing that you care about your home and that you are willing to maintain it on a weekly/daily basis shows that you are an owner that cares about your property and wants to have it properly maintained. Remember that first impressions last a lifetime and when the buyer of your home walks up to your front porch for the first time, they will definitely know if it is the right home for them.

These five aspects are not the only things that can raise the value of your home but are in my opinion, the top 5 reasons why the same home can be worth more under different circumstances with different finishes or divisions.

If you are thinking of selling or buying a property and want to know what you can do to increase the value of your home, or make the right first purchase, give us a call and we can set up a free, no obligation consultation to see exactly what we can do to meet your needs!