As Etobicoke real estate agents, there are few things we love more than helping a client find their forever home. This is the place where new and existing residents can settle in as part of a tight-knit community and create years of family memories.
However, not everyone wants or needs a house for the long term. Sometimes, a buyer is just looking for a stepping stone. Maybe you’re a first-time homeowner getting into the market with a small condo, and you have high hopes of upgrading one day. Or perhaps you’re investing in a second property that you eventually wish to sell.
No matter what your reasons are for buying a house now, you want to ensure the highest quality and the best value possible for your money. There are a few key details to be on the lookout for, and today, we’ll dive into some of the specifics you may not have considered.
Do you have a specific home buying challenge? The best way to overcome it is with personalized guidance. Booking your complimentary Buyer’s Consultation is a great first step.
What Future Buyers Want
It’s difficult to say with 100% certainty what a hypothetical home buyer will want at an indeterminate point in the future. Trends change, and the market fluctuates; nevertheless, there are some general guidelines that will always apply. Think of what attracted you to the house. Chances are, a future buyer will fall in love with the very same attributes.
The key is in maintaining the property to a high standard and modernizing on occasion. You don’t need to over-invest, but a kitchen that hasn’t been updated since the 1970s could likely benefit from some attention. These are some of the factors you can control after moving in.
However, there are some considerations before placing an offer on the house in the first place. To get the best possible value when selling later, you need to make the right choices now. For example:
1. Location
Every buyer wants to be in a picturesque, safe neighbourhood that is convenient and close to all desired amenities. Quality schools nearby can enhance the value of your home, as can ready access to shopping malls, highways, and parks. There’s a reason many listing descriptions focus so heavily on the location. It’s a high priority for nearly everyone.
Searching for houses for sale in Etobicoke? Our featured listings may have the house that’s just right for now!
2. New Developments
Etobicoke real estate is constantly evolving, with numerous commercial and residential developments always underway. Some of these will bode well for the value of your home, such as new schools or a vibrant new shopping hub.
Others can detract from the desirability and sale price, such as a multi-storey building popping up to block the view. When choosing a home, try not to just look at the surrounding area as it is; try to picture the future.
Do some background research into what is happening, and what the neighbourhood might look like years from now. How will these changes affect your lifestyle and your home value?
Purchasing the right home at favourable terms starts with a plan. The posts below can help:
- 7 Ways to Prepare to Buy a House
- Five Secrets to Upsizing to a Larger Home
- Everything First Time Buyers Need to Know About Buying a House
3. Size and Layout
Generally speaking, homes with more square footage cost more than those with limited space. That said, not everyone wants a massive house to clean and maintain. Often, the condition and layout are even more important.
Open-concept floor plans are popular, but you don’t necessarily need to renovate to remove a wall between the kitchen and living room. Every buyer has different wants and needs. Some actually prefer the quiet and privacy of separate rooms.
Homes of at least 1,200 square feet are ideal. All the same, you don’t need to be discouraged (or pay tens of thousands of dollars for an addition) to grow your equity. Whatever the structure or layout, keeping your home organized and clutter-free can make it seem more spacious.
4. Extra Bedrooms
If you want to be able to sell your house for a profit later on, the number of bedrooms is important. More is usually better, so ideally the home you buy today will have at least three.
And whatever you do, don’t renovate to turn two bedrooms into one larger space – unless you’re okay with switching it back before your home goes on the market.
5. More Bathrooms
More is also better when it comes to the number of bathrooms in a home. A minimum of two is ideal, with at least one of every level.
If you find a house at a great price but not enough bathrooms, check to see if there’s a possibility for a rough-in. Before placing your offer, run the numbers to see if the cost of adding a bathroom is worthwhile.
Background real estate knowledge is always valuable when there is an upcoming move. Start by reading the posts below:
- Your Top Questions About Real Estate Answered
- Real Estate Jargon-What It Really Means
- Is It a Good Time to Buy or Sell a Home in Etobicoke?
6. Reconsider the Swimming Pool
Once the summer hits, you might be dreaming of a backyard paradise that includes a luxury swimming pool. In the winter, you might be tempted to add a furnace to the garage. While these improvements may fit your lifestyle goals, they might actually not be the best thing when buying a home to sell later.
Not everyone will share your passion. Surprisingly enough, a pool can limit the number of prospective buyers willing to consider your property. A future owner might be worried about safety issues if they have little ones. If that’s not the case, the expense to maintain the pool can also be off-putting.
7. Additional Comfort Features for the Win
There is one common thread between everyone searching for a home. Whether searching for something old, new, big, small, now or later, we all want to be comfortable.
Checking that the HVAC system is in good working order is a critical part of your due diligence. If there’s a gorgeous fireplace in the living room where you can spend hours curled up, warm and cozy, even better.
These are just a few features to look for when buying your next house. You won’t just be making an intelligent financial decision, but you’ll also have a sanctuary to call home, for however long you decide to stay. Before embarking on your search, get in touch with a local Realtor® from the neighbourhood.
Are you in the planning stages of buying your next home? Our Etobicoke real estate agents are here for anything you need. Reach out today at 647-282-7653 or email contact@sileckythompson.com with any questions or to get started.
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