|My parents have been in the property market for several years. So far, They have bought and sold over 15 properties and they lived into each of them. The first reason why they moved so much is because they were always able to make a decent profit out of each transaction. The second is that they always find their “dream home” every two years or so. However, one thing has remained consistent over their choices: the options included within the property.|
|Looking at a house with another pair of eyes
While most people fall in love with the beautiful color used in the living room or the nice Italian ceramic in the bathroom, my parents were looking at what needs to be done or redone in a property. At the time of selling, you are not making money on what you already paid for but you can make money on what you added to the property. For example, you will also pay a cheaper price for a house where the basement is not completely finished. On top of that, it will be cheaper for you to finish it yourself (or with a little help!) than if you buy a property where the owner finished the basement.
Looking into the future
By looking at the structure or how the house is designed, you can see what you can add, remove or change within the walls. For example, I do have the option of building another room over my garage as the structured was mad for it but the builder preferred not to incurred additional cost at the time of building. Adding another room could increase my comfort within my property and obviously increase the value of my house. Once my children will get older, they will surely move into the basement and I will probably loose my computer and home theatre. I better have my room on top of my garage ready when it happens!
Another point to keep in mind is what your area may look like in the next five years. Are you stuck in a new development where construction trucks (that bring a lot of noise and dust by the way) will pass in front of your property every morning at 6am for the next three years? While it may be a source of irritation over a short period of time, in the long run, your property will gain in value.
So when you are about to buy a property, look if it offers the following options:
– Can you build an additional rooms (from the kitchen or on top of your garage)
– Can you finish the basement?
– Can you add an additional bathroom somewhere?
– Can you divide or undivided rooms to create a more efficient and good looking space
– Can you build garage?
– Can you have a pool?
All those options and many others could help you increasing your property value and also your comfort while your are enjoying your property.
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