How Much Is My House Worth Canada: How To Determine the Market Value of Your Home
Thinking of selling your home but sure if you will get back what you paid for it? Do you need to figure out how much is my house worth Canada? In the following article, we shall discuss how to determine the market value of your home.
If you have recently done renovations you will need to take items such as window replacement cost and so forth into consideration. Keep reading for more advice about selling your home in the Canadian market.
How Much Is My House Worth Canada?
1. Location
It’s a known fact that when it comes to real estate, location is the key factor in getting your home sold. No matter the size or age of your property, the cost of windows, the location is one thing that cannot be altered. You might have an older home that was once worth hundreds of thousands, but the neighborhood has gone downhill, thus decreasing the property value.
Or you might have a brand-new home in a not-so-desirable area. You might even have spent thousands of dollars renovating your home. But if the neighborhood is not favorable, you won’t get a high return on your investment.
On the other hand, you might have an older home in an up-and-coming area. But if your home is out of date and in need of repair, you won’t be able to get a decent ROI (return of investment) Location is key!
Perspective homeowners would be willing to make some compromises on a home that doesn’t fit their criteria if it is in a desirable location. A single family home in the city might cost around three hundred grand while the same location in the suburbs might go for upwards of a million dollars.
Those looking to buy a home are looking at more than just the house. They are also looking at the neighborhood. Are there parks nearby? How is the school system? What is the crime rate. Keep these factors in mind when trying to figure out the market value of your home.
2. Features
The next thing you want to do is list the features and characteristics of your property. The type of home you have plays a role in the cost. For instance, a two-bedroom flat is not worth as much as a four bedroom, two-story home.
The following features will help increase the market value of your home:
- Acreage
- Number of rooms
- Size of rooms (i.e.: kitchen bathrooms)
- Closet/storage space
- garage/driveway
- Hardwood floors/carpeting
- Backyard (fenced vs no fencing)
- Special features: i.e.: pool, wine cellar, in-law suite, shed and so forth.
As well, the state of your home plays a major role in the market value. What is the quality of the interior finish and the exterior (roof, foundation, windows and such)? While there are some buyers who would love to invest in a “fixer upper,” most potential buyers are most interested in a home that is ready-to-buy on which there are little to no repairs or renovations needed.
3. Comparable Properties
A good way to get a sense of the property value of your home is to compare it with other properties in your area that are similar to yours. If you have a 2 bedroom home, you will want to check out the current market value of other 2 bedroom homes in your neighborhood. This will help you have a general idea of the current real estate trends in your area.
4. Enlist the Help of a Licensed Real Estate Agent
The best way to determine how much my house worth Canada is to seek assistance from a licensed real estate agent. They have extensive knowledge of the market, direct selling experience, the current market trends and up-to-date studies of comparable properties in your neighborhood. They can help you get a current home appraisal if so warranted.
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