Buying a home is an exciting time, especially when it’s a market like we are seeing now in Kelowna with the market geared favourably towards buyers. There is a lot to choose from and generally speaking, you can take your time to ensure you find the ideal home. Something to always keep in mind however, is Resale Value. The time to make money in real estate is when you buy, not when you sell. You may be planning to purchase this home and live in it for the next 20+ years… but keep in mind how the next buyer will view your home.
People frequently ask us what the top features are in a home. When we analyze our website statistics, we find that the number one feature people are looking for is a lake view. People moving to Kelowna from outside the area usually dream of having a glimpse of our stunning Okanagan Lake. Once they start viewing homes and neighbourhoods, the importance of a lake view is often superseded by other amenities and features. Location (as we’ve all heard a million times) is a key factor when deciding which home to purchase. Some people want to be near schools, others want to be close to amenities like a coffee shop, the beach and groceries (walk scores are being talked about more all the time). A well appointed kitchen is another highly sought after feature as is a nice en-suite bathroom and ample closet space.
A home with a steeply sloped driveway can be a challenge to sell.
What are the biggest deterrents in a home? I thought long and hard before writing this down as I am bound to upset someone…. but busy roads and steep driveways are the biggest challenges we see when selling a home. In a Seller’s market where there isn’t much to choose from, then all homes are easier to sell. But in our experience, if a house is on a busy street or if it has a steeply sloped driveway, it will be more challenging to sell. The price of a home with negative factors must be priced lower than homes without those factors. A steep driveway can reduce the value of a home by $15,000 to $20,000 and a busy road can cost you between $20,000 and $30,000. Everything will sell if the price is right -but depending on the market, that can make the home much more difficult to sell.
The role of your Realtor is to stay impartial and see your potential new home from an unemotional point of view. No one can predict what kind of real estate market it will be when the time comes to sell, so if you buy the home you love – and keep the resale in mind for down the road, you will do well.