There are many different factors that have an impact on Calgary’s residential home values. Supply versus demand obviously has an impact, as do things like the local economy and the labour market. These factors are typically grouped into a category called market trends. A local and experienced Calgary Realtor will have an excellent understanding of market trends and can help you understand how trends are affecting home and property values. In addition to market trends, here are 5 more factors that can negatively or positively affect home values in Calgary.
Location
It should come as no surprise that location will have an impact on the value of a home. Location takes into account things like the infrastructure of the area, amenities, schools, ease of accessing major roadways and public transportation, and the features of the areas immediately surrounding the neighbourhood.
Potential
The potential of a home includes things like how the area will change and evolve over the next few years as well as how the actual property could be improved.
Presentation
How a home looks and is cared for will impact value. A house in disrepair that is surrounded by expensive homes will not be able to match the values of their neighbour’s homes. Impeccable interior and exterior maintenance, as well as landscaping, and cleanliness can increase a home’s value.
Features
Features can increase or decrease the value of a home. Popular, useful, and mainstream features such as granite countertops, hardwood floors, and updated kitchens or bathrooms will increase a home’s value. Unusual features that do not have mainstream appeal can detract value from the home.
Natural events
Things like living on an identified flood plain, frequency and severity of storms, and the surrounding soil and erosion conditions can have a negative impact on the value of a home. In some instances, the negative impact can be minimized by adding proven remedies designed specifically to protect the home from damage that can be caused by natural events.
The identified value of a home is definitely dynamic and heavily influenced by a number of different factors. Understanding the things that impact the value of a home can help Buyers to make smart and profitable decisions when purchasing a home. If you have questions, please call me! I am happy to help you find your pathway home!