Homebuying

Eight surprising factors that impact your home’s value

By: Properly on February 4, 2021

Most of us know that the size and age of a home are likely to impact its value. However, these factors are just the tip of the iceberg. There are many surprising characteristics and dynamics that have a significant impact on what a home can be expected to sell for. If you’re thinking about selling, or just want a more comprehensive understanding of your financial health, it’s helpful to know what will influence your home’s value.

You can find out the current estimated value of your home with an instant and free ProperPrice™ report. Your home’s ProperPrice is calculated using Properly’s machine learning engine, which takes into account more than 50 live data sources and hundreds of thousands of sold records to generate a predicted selling price for your home.

Take a look at some of the more unexpected elements that can impact your home’s valuation.

The number of washrooms in your home

While you may have expected washrooms to have an impact on value, what’s surprising is how significant that impact is. Based on the sold records of more than 200,000 homes, the number of washrooms in a home has a greater impact on its value than the number of bedrooms. 

The month of the year

Canada’s impressive year-over-year real estate market growth is expected to continue in 2021, but supply and demand are still highly seasonal. This means that the time of year you choose to list can influence your home’s value. Luckily, your ProperPrice report updates automatically so you can see how your home’s value changes throughout the year.

The proximity of your home to shops and restaurants

Homes within walking distance or a short drive to shopping areas and restaurants appear more favourable to buyers. This increases the desirability of your home and could help it sell for top dollar.

The exterior materials of your home

What your home is made of matters and certain construction materials can have more of an impact on your home’s valuation than others. For example, stone has a greater impact on a home’s value than brick, which in turn has a greater impact than wood. Materials that are low maintenance, highly durable, and good at insulating tend to be more desirable to buyers.

The number of trees on your street

Dreams of living on a tree-lined street aren’t just the stuff of movies. Trees in the neighbourhood add major curb appeal, create a sense of community pride, and have been found to be correlated with lower crime rates. The number of trees in a neighbourhood also tends to reflect its density, with more trees often meaning more yard space and more space between homes. 

The number of banks near your home

How close a home is to necessary services like banks can make it more attractive to buyers, increasing its value. Convenience is, of course, a factor here but multiple nearby banks may also indicate an area is safe, successful, and desirable.

The proximity of your home to a playground

Playground proximity has a similar effect to tree-lined streets: it can add a sense of security and community pride to a neighbourhood. Playgrounds and parks have particular appeal for buyers searching for a home to accommodate a growing family.

Your neighbours’ home values

When it comes to home valuation, a home is judged by the company it keeps. If your neighbours’ homes are increasing in average value, you’re likely to enjoy the same increase. Properly enables you to get a sense of the value of your neighbourhood with ProperPrice reports for any home in the Greater Toronto Area. Just search the address of the home you’re interested in.

Understand your home’s value and make your next move with Properly

Thinking about finding a new place to call home? Properly is the smarter way to move. Get your free ProperPrice home value report, search for homes you might love, and learn how you can move on your terms at properly.ca.

Properly is a Canadian tech-enabled real estate brokerage transforming the home buying and selling experience. Properly launched in 2018 with the goal of making real estate customer-centric through access to better information and advice, the ability to buy first, and support for a stress-free sale. The company is headquartered in Toronto.

 

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