I read a piece in the paper yesterday about luxury homes. They are selling quite well here in Toronto. The builder/developer who was being interviewed mentioned something that I've heard before but only now did it register.
How best to measure the desirability of a property? This fellow described a home in terms of how many "wow" factors it had. The house in question had "a movie theatre"! Wow. A "library panelled in walnut"! Wow. A "lavish backyard with fountains and reflecting pools"! Wow. There's three "wows" right there.
It made me think of a humble bungalow I had listed last year. It wasn't particularly better than any other bungalow but it had two "wow" factors. There was a drop-down staircase leading to a very large unfinished attic. That feature received many "wows" during the open house. It also had a new detached garage that was finished and heated and that too received a few "wows". Consequently, the house sold for oodles of money.
The most important "wow" factor of course should be location. A humble home on a great street will win every time but failing that, try to create some "wow" features before selling a home. It's money in the bank.
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