2185 Adjala/Tecumseth Townline New TecumsethON   L0G 1W0

 

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Does the Area You Live In Have an Effect on the Price of Your Home?

A man's home is his castle, and it's really the same for women. No matter where you may live, you're usually determined to make the best of it. You may still be living in the town you were born in and have a great deal of attachment to it. As a result, you may be reluctant to move on to a new area, even when logic suggests that this may be the best thing you can do. Of course, before you can move on, you will need to sell the home that you currently own. Will the area you are living in at the moment have a real effect on the price you can ask? The answer may surprise you.

 

Believe It or Not, the Area You Live Will Affect the Price of Your Home

There are many factors that will affect the price that you can ask for your home when you make the choice to sell it. The condition of your home, including all of the various systems that are included in it, will be a major factor. Another one will be the quality of the neighborhood that you live in. If you do a full renovation on your home, making improvements from top to bottom, you may add a significant amount of value to it. However, if other homes in your area have not been renovated, the final amount that you can ask for may still be significantly lower than you expect.

 

The Shape Your Neighborhood is In Has a Direct Effect on Your Home Value

If you are fortunate enough to live in a neighborhood where people take their home values seriously, you can expect to ask a great deal more for your own home after you have made serious renovations. This is because the average home value in the area will already be at a high level. At the other end of the scale, if you live in an area where homes aren't in such great condition, or if blight has taken hold on a significant number of properties, you will unfortunately have to expect to get less for your home. The majority of homes in the area will outweigh the condition of one.

 

How Can You Help Get Home Values in Your Neighborhood Up Again?

It may be that the resale value of your home is suffering to the point that you can hardly afford to make the renovations you need to raise it. Even if you did have the money, the disappointingly low final price you can get for your property might make such renovations feel like a pointless waste of time. It may be an excellent idea for you to come to grips with this issue by doing something to galvanize support for home prices in your local community. There are a number of groups in your area that are devoted to this issue. Joining one of them could be the start of a turnaround.

 

Working With Your Neighbors is the Key to Raising Home Values

Working together with other home owners in your neighborhood can have a positive effect on home values. Together, you can work to renovate your homes in order to at least improve the condition of properties on your block. From there, you can expand to improve home values throughout a larger area in your neighborhood. This kind of community cooperation can play a vital role in improving the condition of homes in your area. It can also be the key to higher resale values.



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2185 Adjala-Tecumseth Townline
Tottenham, ON  L0G 1W0

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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 11/14/2018 6:41:03 PM