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Resale Homes: Key Factors

Whether you're a first-time buyer or a seasoned homeowner looking to make a smart investment, understanding what makes a resale home valuable can make all the difference. Let's delve into the wild world of resale home shopping and uncover some essential tips and tricks along the way.

When it comes to resale homes, not all properties are created equal. Several factors can influence a home's resale value, including size, age, condition, location, and overall desirability to potential buyers. Homes with ample space for growth, such as traditional colonials or ranch-style houses, tend to attract families and thus have better resale potential. Additionally, properties with large lots, multiple bedrooms, and ample storage space are highly sought after in the resale market.

The top resale home features to look for include, but are not limited to:

a. Hardiness: Insulation is key to maintaining a home's integrity and reducing energy costs. Properly insulated homes not only save money but also prevent issues like mold and mildew. Look out for signs of poor maintenance, such as bubbling paint or water stains, which could indicate insulation problems.

b. A Solid Foundation: A sturdy foundation is essential for the structural integrity of a home. Watch out for signs of foundation issues, such as sinking or cracking, as these can be costly to repair and may decrease the home's resale value.

c. Curb Appeal: First impressions matter, especially in the resale market. A well-maintained exterior, including a newer roof, attractive siding, and tidy landscaping, can significantly boost a home's resale value. Pay attention to the neighbourhood's aesthetic standards to ensure your home fits right in.

There are numerous factors affecting resale home value, including, but not limited to: 

a. Location: The age-old adage rings true – location is paramount. Homes situated in desirable neighbourhoods close to amenities like schools, shopping centres, and public transportation tend to fetch higher resale prices.

b. Quality Flooring: Modern buyers prefer hardwood or high-quality engineered floors over outdated carpeting. Investing in durable flooring can elevate your home's appeal and resale value.

c. Energy-Efficient Upgrades: Features like vinyl windows, newer appliances, tankless water heaters, and tiled surfaces not only enhance comfort but also increase energy efficiency and appeal to eco-conscious buyers.

Warranty considerations before you buy resale OR NEW appliances or equipment:

Before you buy an item of significant cost to you, find out about the terms and costs of a manufacturer's warranty. Questions you could ask the seller include:

  • Was the cost of the warranty extra or included in the price of the product?

  • How long does the warranty last, and is it transferable to a new buyer?

  • Where will you have to go to get warranty repairs? Will the original seller take care of the repairs or do you have to ship it somewhere at your own cost?

  • Are there any warranty conditions tied to the use of the product?

  • Does the warranty cover parts and service costs?

  • What are your rights in terms of canceling the warranty?

If you are considering purchasing an extended warranty on a NEW item, inquire about typical repair costs. You may find it less expensive to replace or repair the item rather than paying for an extended warranty. In addition, if you buy the product or service via credit card, check with your credit card company to see if they offer additional warranties. Some credit card companies offer extra warranty coverage if you pay for the item with your credit card. If your credit card is already covering you for an additional period, then an extended warranty may not offer you any extra protection.

When purchasing a resale home, it's also crucial to consider the financial implications: 

While buyers and sellers are typically exempt from the 13% harmonized sales tax (HST) on residential properties, certain expenses like real estate commissions, legal fees, and home inspections may still apply. Additionally, provincial and municipal land transfer taxes add to the overall cost of buying or selling a home.

In all honesty, finding the perfect resale home requires a skilled combination of careful consideration, attention to detail, requires extensive research, and a dash of financial savvy. By hiring the right agent to guide you, focusing on key resale value factors, and understanding the financial aspects involved, you'll be well-equipped to make a sound investment and enjoy your new home for years to come. Happy house hunting!


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