Spring is almost here, which means it’s a great time to put your home on the market. One of the first steps is figuring out what your house or condo is worth. While you’re probably aware of many of the factors that affect property value—such as location and square footage—some may surprise you.
1) Your distance from a bus stop
There’s no doubt about it, location matters. It’s common knowledge that homes in desirable neighbourhoods tend to come with higher price tags. But did you know that your proximity to public transportation can also boost your home’s worth?
It’s true. In fact, recent housing tied to transit lines in the GTA has become a hot commodity. Any Torontonian who’s trudged through January snow to get to the subway can probably understand why. If your home is near a bus stop, it’s a great idea to highlight that in your listing.
2) Proximity to a Starbucks
Believe it or not, Starbucks could help you get more money for your home. According to one study, homes within a quarter mile of a Starbucks saw a 96% increase in home value. Studies have also found that having a Trader Joe’s or Whole Foods nearby can have a similar affect.
Why do these franchises provide a financial boost? It’s well known that in the GTA and across Canada, the presence of major retailers is a signal to builders that a community is evolving. The same is true for many home buyers, who see upscale brands in particular as a sign that an up-and-coming area is about to become the next “it” neighbourhood. For sellers, this perception can provide serious financial benefits. You don’t have to be a fan of caramel frappuccinos or gluten-free pizza to appreciate that.
3) Being close to billboards
Can a sign hurt your property value? If that sign is a nearby billboard, the answer is yes. On average, homes within 500 feet of a billboard are worth $30,826 less than those at a greater distance.
Unfortunately, many buyers see billboards as aesthetically unappealing. There’s not much sellers can do to change that perception. But that doesn’t mean you can’t get a good price for your house or condo if you live near a billboard. Highlighting the many benefits your home has to offer can help counterbalance any neighbourhood features that may be perceived as negative.
4) Pools, hot tubs, and water features
Of all the factors that affect property value negatively, this one may be the most surprising. Many people believe that having a pool or hot tub to lounge in is the height of luxury. The same goes for water features like ponds and fountains, which can help create a tranquil environment. Unfortunately, due to the upkeep and extra expenses that are often associated with these features, many buyers see them as liabilities.
Here in Toronto, features that can’t be enjoyed year-round may be a tough sell. But that doesn’t mean you can’t find a family that will love your outdoor pool, cascading waterfall, or koi pond. Just be sure you’re ready for the fact that some buyers might not be as enthusiastic as you are.
Looking to sell your home? We can help you get the best possible price for it. Contact us via email, or give us a call at 416 443 0300
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
