Protect Your New Home Investment

By Hugh Heron

When it comes to reading material, the owner’s manual that comes with your new home is one of the most important books you’ll ever receive. For most Canadians, a home is the largest financial investment they will make in their lifetime. It’s simply common sense to learn as much as possible about how your home works and how to take care of it. By doing what you can to maintain, repair and beautify your house, you accomplish three things: you live a more comfortable life, keep your utilities costs down, and enhance the future resale value of the home.

Read through your manual and take note on how to keep your furnace running efficiently, for example. Regular replacement of filters and once-a-year cleanings go a long way toward reliable service from this critical component of your home. If you have hardwood or laminate flooring, you benefit from a healthier environment. Clean the floors properly and they will wear well for many years to come. And how about countertops? Read the literature that comes with them and act accordingly. Granite needs to be treated yearly, and quartz isn’t indestructible. Respect these surfaces and they will perform well for you.

Another thing I recommend to new home owners is to keep a maintenance record or diary of what they do to keep their house running smoothly. We do it with cars; why not homes? Record the dates of service calls, repairs and replacements. It’s not that much extra work to have a “Home” file in your papers and place receipts in there. When it comes to selling in the future, this file can be invaluable to proving the worth of your residence. With today’s computer programs, spread sheets and the like, keeping track has never been easier.

Think about the exterior of your home, too. Consider spending time and money on attractive landscaping. This adds to your home’s value, and is a public display of your pride of ownership. Planting shrubs or trees strategically can even help you keep your home cooler in the summer and warmer in the winter, and detract burglars.

When you purchase a new home and choose your features, finishes and colours, keep the paperwork that describes your selections. Even later on when you redecorate, it can be very handy to know the paint companies and colour numbers of the shades you use. You may think you’ll remember, but time goes so quickly today, and we’re all bombarded with a lot to keep in our memories. It’s easy to forget.

If the new home you’re buying is a stepping stone to larger residences in the future, all the more reason to choose with this in mind during your colour selection appointment. Anything that can save on maintenance is desirable. It’s easier to sell a home with a neutral colour palette than bright hues. Although it usually adds to the price of the home, a finished basement is a huge drawing card when it comes time to sell. Of course, you can finish your lower level yourself later on, but  having the builder do it during construction can be cost efficient, and you can build the price into your mortgage. The additional living space affords you convenience in the meantime.

Remember that upgrades with the biggest return-on-investment are those in kitchens and bathrooms. Even passionate do-it-yourselfers often turn to the professionals for things like installing cornice moulding or solid-surface counters. And it’s definitely easier to have things like special wiring for stereos, home theatres, alarm systems and central vacuum done during construction, rather than having to remove baseboards or open up walls later on.

Whatever your situation in life, remember that the new home of today is the resale home of tomorrow. Care for your new home and it will be a comfortable haven for generations to come. To find out how, read the manual!

 

Hugh Heron is Principal and Partner in the Heron Group of Companies and President of Heathwood Homes, as well as a former Member of the Board of Directors of Canada Mortgage and Housing Corporation, and a Past President of the Toronto Home Builders’ Association and the Ontario Home Builders’ Association.