If you own a home in Burnaby or New Westminster, you may have wondered, “What is my home actually worth today?”
Understanding your home value in Burnaby isn’t always as simple as looking at what your neighbour sold for or checking an online home value calculator.
Several factors can affect your property’s value. Location, lot size, condition, layout, renovations and even development potential can all make a difference.
So, before you decide to sell, it helps to understand what buyers are looking for and what makes your home stand out.
Here are 7 things that can increase property value in Burnaby and New Westminster.Location Still Matters
We all know that location matters in real estate. However, it’s about more than simply saying you live in Burnaby or New Westminster.
Buyers also look at what’s around the property. How close is it to SkyTrain? Are there parks, schools, restaurants and shopping nearby? Is the home on a quiet street? How easy is it to get around?
For example, areas near Metrotown, Brentwood, Edmonds and Deer Lake can attract buyers for different reasons. In New Westminster, neighbourhoods such as Queens Park, Sapperton, Uptown and The Crest each have their own appeal.
As a result, two homes with similar sizes can have very different values.
Sometimes the things you’ve stopped noticing about your neighbourhood are exactly what buyers are looking for.Lot Size Can Affect Your Home Value 
For detached homeowners, the value of a property isn’t just about what’s inside the house.
The land matters, too.
Lot size, frontage, layout, access and zoning can all affect property value. In addition, changes to housing rules across Metro Vancouver have made lot size and future options more important to some buyers.
An older home on a large lot may attract someone who wants to renovate, build a new home or explore additional housing options.
Of course, not every property has development potential. Local rules, lot dimensions, servicing and other requirements all need to be checked first.
Still, it’s worth understanding what you’re actually selling.Development Potential Can Add Property Value
This is especially worth considering for some homeowners in Burnaby and New Westminster.
Changes to housing rules, including Small-Scale Multi-Unit Housing (SSMUH), have created new opportunities and questions for property owners.
Could your property support additional housing? Could a future buyer see an opportunity that you haven’t considered?
The answer depends on the property. Zoning, lot size, frontage and city requirements all play a role.
For that reason, development potential shouldn’t be assumed. Instead, it should be looked at as part of the bigger picture when you’re working out what your home may be worth.
For some properties, the potential uses of the land could be an important selling point.Renovations Can Increase Your Home Value
Renovating before you sell can make sense. However, spending more money doesn’t always mean you’ll get more money back.
Before starting a major project, think about what buyers in your area and price range are actually looking for.
For example, updating an older kitchen, refreshing a bathroom or replacing worn flooring may improve the overall appeal of a home. A fresh coat of paint, better lighting or a few small repairs can also make a noticeable difference.
On the other hand, highly personal upgrades may not appeal to every buyer.
That’s why it’s worth getting advice before spending tens of thousands of dollars on a renovation.
The goal isn’t to renovate everything. It’s to make the right improvements.First Impressions Matter
Buyers start forming an opinion before they even walk through the front door.
A tidy yard, clean entrance and well-maintained exterior can create a strong first impression. Once buyers step inside, the same idea applies.
A clean, bright and well-presented home can make it easier for buyers to picture themselves living there.
Fortunately, getting your home ready doesn’t always require a major renovation.
Simple changes can include:
- Decluttering rooms
- Deep cleaning
- Touch-up painting
- Cleaning windows
- Improving lighting
- Removing extra furniture
- Taking care of small repairs
- Tidying the yard
Ultimately, the goal isn’t to make your home look like someone else’s. It’s to help buyers see its potential.
A Great Layout Can Be More Valuable Than More Square Footage
Bigger isn’t always better.
A well-designed home with a practical layout can be more appealing than a larger home with awkward or unused areas.
Today, buyers want to know how a home will work for everyday life. Is there enough storage? Does the kitchen work well? Is there room for a home office? Are the bedrooms practical?
In condos and townhomes, using the available space well can be especially important.
For that reason, don’t focus only on how many square feet your home has. Instead, show buyers how the space works.
A home that feels comfortable, functional and easy to live in can stand out from the competition.The Market Can Change Your Home Value
Finally, it’s important to remember that your home’s value isn’t fixed.
As the real estate market changes, so can the price buyers are willing to pay. Interest rates, the number of homes for sale, buyer demand and recent sales can all have an impact.
That’s why an online estimate — or even a sale from several months ago — may not tell you what your home could sell for today.
When looking at your home value Burnaby homeowners may be wondering about, it’s important to compare your property with similar homes in the same area.
The details matter, consider the following:
- Location
- Property type
- Lot size
- Condition
- Bedrooms and bathrooms
- Parking
- Outdoor space
- Renovations
- Views
- Development potential
- Recent sales
Final Thoughts
If you’re wondering what your home could sell for in today’s market, the first step is understanding what’s happening in your specific neighbourhood.
After all, the Burnaby real estate market can look very different from New Westminster. Even within the same city, buyer demand and home value can vary from one neighbourhood to the next.
Whether you’re selling a detached home in Burnaby, a condo in Sapperton or a townhouse in New Westminster, factors such as location, lot size, condition, layout and development potential can all affect your home’s value.
Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.Thinking about a move in New Westminster?
Explore homes in the best neighbourhoods and plan your next step with local guidance.
Download the Free Seller’s GuideOr contact the Adam Lloyd Team for a free consultation.
