The 5 Key Features to Consider when buying a Resale Property
When purchasing a resale property what are the 5 categories that a purchaser should consider when purchasing a home that is older than 10 years but newer than 50 years of age? These are the areas of a home that will require maintenance, investment and offer good resale in the years to come.
Roof – A normal builder grade roof will last anywhere from 10 to 15 years. You can extend the life of the shingles by ensuring that there is proper ventilation so that the shingles do not over heat and reduce the shingles life expectancy. Secondly make sure that the Eavestrough are not dumping water on the shingles directly, as this will reduce the life expectancy of any shingle no matter what the quality or expected life expectancy might be.
Furnaces and Air Conditioners – A normal Natural Gas Furnace will have a life expectancy of 20 years. Yearly service contracts and cleaning can ensure that the furnace will make it to it full life expectance, however after 20 years the furnace does not owe you anything and a 20 year old furnace today is far less efficient and costly to run. Air Conditioners usually last 15 to 20 years and the same “rule of thumb” for efficiency and cost savings apply.
Windows – Wood Windows are less favourable today because of our busy lifestyles and the desire for maintenance free homes. Wood Windows require annual scraping and painting. Vinyl windows are on more buyers “wish lists” and a definite plus to any listings feature sheet. Condensation between the glass or broken seals means that the glass should be replaced and it is less costly than replacing the entire window in most cases. Windows can be a costly renovation that most home buyers will prefer to avoid. If the windows are wood and they have been maintained, vinyl capping them is a good option too and is seen as a favourable option.
Flooring – Hardwood is definitely “in” for most home buyers and it seems to be on the top of their lists for features that they require in their next home. The more hardwood the better and if you have it in your bedrooms that is even more exciting. Hardwood is definitely a good investment. Replacing old worn out carpeting even with newer carpeting can still be a good option depending on your budget. If it looks and feels good that will work too.
Kitchen and Bathroom – The old story is that Kitchens and Bathrooms sell homes and this is still very true today. The investment towards a new Kitchen and/or Bathrooms can really jazz up a tired home. Kitchens today are quickly changing with increased popularity of granite countertops, stainless steel appliances and the availability of new hardware selections you can update an older kitchen to give you that “WOW” factor again. There is no doubt that a new kitchen in a home will bring the highest resale value to any older neighbourhood depending on the design and quality. Bathrooms fall into this category too. The selection of new designer sinks, shower stalls, tubs and vanities can really make a bathroom standout against the competition. The “spa” look is very in fashion and unique bathrooms will draw positive attention to any home.
If the majority of these five categories have been looked after, you will be able to live in the home with very little worry of costly renovations and/or unexpected repair costs in the next few years to come.
Written by Greg Hamre of The Hamre Team at RE/MAX Affiliates Realty Ltd. Ottawa, ON