5 Things That Will Make Your Home Valuable.

Did you know that the cost of a Home is just about 20% of its Value?
This may be the unpopular opinion, but a home 'costs' more than how much you pay for ownership. So, as a prospective  home owner, come with us as we look into the a few things to keep in mind as you plan to make that investment of homeownership. First of all..

What Makes The Value of a Home?

When we think about the value of a home, the first thing that often comes to mind is its cost. We compare prices, negotiate deals, and look for the best bargains. But is the value of a home really just about the numbers? The truth is, the value of a home is far more nuanced, encompassing a range of factors that go beyond the price tag. Let’s explore the different dimensions of home value, each of which plays a critical role in shaping what makes a home truly valuable.

1. Use Value

At its core, the primary value of a home lies in its use. This is the most fundamental aspect—what does the home offer in terms of functionality and practicality? A home is where you live, sleep, eat, and go about your daily life. It needs to serve your basic needs efficiently. This includes the layout, the number of rooms, the availability of essential amenities, and how well the space meets your personal and family needs. A home with high use value makes daily living easy and convenient, providing a solid foundation for a comfortable life, while one with multiple use makes for multiple (financial) returns. That is to say, a home built to serve multiple uses will sell for (at least) double returns in the future.

2. Delight Value

Beyond practicality, a home should also bring joy. This is where delight value comes in—the emotional and aesthetic satisfaction you get from your living space. This can be influenced by the design, architecture, interior décor, natural light, and even the view from your windows. When a home aligns with your personal tastes and preferences, it becomes more than just a structure; it becomes a place that lifts your spirits and feels like a true reflection of who you are. The delight value of a home contributes significantly to your overall happiness and well-being.

3. Investment Value

A home is not just a place to live; it’s also a financial asset. The investment value of a home refers to its potential to appreciate over time. When you buy a home, you’re also investing in the future. Factors like location, neighbourhood development, and market trends play a huge role in determining how your home’s value will grow. A home with high investment value is one that offers the potential for a solid return on investment, whether you plan to sell in the future or use the equity to fund other financial goals.

4. Lifestyle Value

Your home is a central part of your lifestyle. It influences how you live your day-to-day life, from your commute to work to where your children go to school. The lifestyle value of a home takes into account its proximity to work, schools, shopping centres, parks, and social amenities. It also considers the quality of the neighbourhood, the sense of community, and the overall vibe of the area. A home that supports and enhances your lifestyle can significantly improve your quality of life, making it a key aspect of its overall value.

5. Cost Value

Finally, we come to the cost value—the financial aspect of the Title/ownership. While this is often the most discussed, it’s important to remember that cost value is just one part of the equation. The price you pay for a home should reflect its use, delight, investment, and lifestyle value. A home that offers a balance of these factors often represents better value for money, even if the initial cost is higher. Cost value is about ensuring that you’re getting what you pay for, and that the home will continue to provide value over the long term.

Never forget...

The value of a home is a multifaceted concept that goes beyond just the cost. It’s about finding a balance between functionality, emotional satisfaction, investment potential, lifestyle support, and financial worth. When these elements align, a home becomes not just a place to live, but a valuable asset that enhances your life in countless ways. As you search for your dream home, keep these factors in mind to ensure that you’re getting true value—far beyond the price tag.

In closing, we ask, what do you Value in a Home? If in doubt, contact us.