Residential Real EstateAre You Value Monitoring?
Remember when this day used to be called, "August Bank Holiday?" Now, it
carries different names in different parts of Canada. (In Toronto, they"re celebrating
Simcoe Day in honor of the first Lieutenant-Governor of Canada, John Graves
Simcoe -- our founding father, if we thought that way.)
Unless you live in a tourist Mecca, this may be the quietest day and week of the
summer -- neighbors have left in droves for vacations and cottages. Why not
take advantage of the relative quiet to take stock of the changes that have
crept into your neighborhood? Remember, the value of your home is determined by
the way that buyers value its surroundings. It"s still location, location,
location.
The frantic pace of everyday living can blind you to the creep of development,
environmental erosion or economic decline. Take time and walk your
neighborhood. At eye level and at walking pace, you"ll notice what has changed
and what has not.
Is your home one of the best houses on the street now? Strangely enough
that"s not necessarily good. Ideally, you"d like to have the least expensive or
a midrange home so that as the most expensive houses are improved, they give
your home added value and prestige - at no cost to you.
How are the trees in the neighborhood faring? Are new trees being
planted? Are the natural features that made you buy still holding their own or
are they under attack?
How many "for sale" signs are there? What are the homes listed at? How
do their features compare with your home"s? If you don"t know, you"ve lost track
of the value of your neighborhood.
How many older homes are being torn down and replaced by new homes? This
trend may mean your land represents the bulk of the value of your property. If
this is the case, spending money to redo the kitchen -- usually a reasonable
investment -- may be a waste.
Are the new infill homes larger "mega" homes or retirement bungalows?
What price-range do the buyers attracted to your area shop in? Would your
property be a preferred purchase? This may tell you whether selling sooner would
make more sense than later.
Is the local commercial area looking vibrant and prosperous or showing signs
of decline? Do you support local business to keep your area vibrant and
valued? Do your neighbors?
When did your home last have a "value checkup" -- a market evaluation?
Check with your local realtor for a free written estimate of market value. Look
for someone who backs up what they say with facts and figures.
No matter where you live in Canada, these "value monitoring" tips apply:
Read local real estate newspapers and check real estate board web
pages.
Visit local open houses.
Get a copy of each new area listing. Later, check on the sale price.
Find a realtor who values informed homeowners so that you can get the
above information automatically delivered to you.
Join the local rate payers association to find out before things
happen.
Continually look for ways to preserve and improve neighborhood"s value
- in all senses of the word.
More Canadian Issues by PJ Wade:
B.C. Legion behind "Build it For Ourselves" Housing
Technology Reinvents Canada"s Real Estate Boards
Beyond Interest Rates: What To Look For In A Mortgage
Don"t Overimprove Your Greatest Tax-free Investment