Checking new listings for residential properties on a daily basis can simplify the process of finding your ideal home. You will become acquainted with the property prices in different areas, and you will recognize a good deal on an affordable home when you see it!
A home’s price is driven by many factors beyond the physical dwelling:
- Location: I’m sure you’ve heard the real estate maxim, “location, location, location”. Well, it’s true! Location determines the amenities offered (schools, shopping, beaches, clubs, parks, …), and will often have a bigger impact on a new listing’s price than even the home itself.
- Condition: How old is the building? What’s the quality of the workmanship and materials used? What repairs are needed?
- Energy efficiency: “green homes” are always highly desired, in view of today’s high energy costs.
- Views: views can add a considerable premium to the new listing, depending upon how affluent the neighbourhood is. The more affluent the neighbourhood, the higher the premium!
- Affordability: Can you own a home more affordably than you can rent?
Square Footage and the Floor Plan
Your family situation and lifestyle will also influence your choice of the perfect home. An older person may prefer a single-story home that allows aging in place, while a younger person may prefer a home with a “mortgage helper”, or perhaps a multi-level floor plan to allow live-in parents or teenager to have their own space.
Always consider a new listing’s square footage in conjunction with its floor plan. Appraisers, insurers, tax assessors and Realtors ® use the square footage to determine the value of the home. However, measurements are not exact – even a professional appraiser is allowed to be up to 5% off on the square footage! The area of a house may be determined by taking measurements of the exterior of the house. Interior measurements are only taken for living areas, not stairways, landings and bathrooms. You may find that a home with an open floor plan is more pleasant to live in, even if it has a smaller square footage, than a larger home with an inefficient layout.
Finally, the price per square foot paid for a house will vary significantly based on the materials used and the overall construction quality. Homes with expensive granite countertops, hardwood floors and top-of-the-line fixtures will definitely command a higher price per square foot!
