How Much is My Home Worth?
Friday Apr 22nd, 2016Share
As a real estate sales representative, I hear this question a lot. And, rightfully so!
As a homeowner, your biggest asset is most likely your home. To fully understand your financial position and path, you must have a clear understanding of the value that your home holds, whether you are considering selling or not.
There are a number of key indicators that determine the value of your home. Let’s take a closer look at the top four:
You know how the saying goes: location, location, location! This is the number one factor to consider when determining your home’s worth. A high demand area will likely fetch you a higher sale price compared to a home in a less than desirable neighbourhood or near unattractive elements, like train tracks, hydro towers or a noisy street.
The overall condition of your home is another key factor to consider when determining your home’s value. This includes all aspects of your home, including the mechanical, electrical, plumbing, exterior, interior, landscaping – the list goes on. There’s no doubt that a well-maintained home in great overall condition will be evaluated at a higher price.
Generally speaking, price per square foot can help you evaluate your property. This is especially true regarding condominiums or apartments. It also holds true for houses, but with additional size factors, such as the size of the lot or principal rooms.
What’s important to remember is that the number of bedrooms or bathrooms doesn’t always dictate the size of a home – a house with three large bedrooms might evaluate higher than a home with four small bedrooms. Some food for thought!
How you home presents to potential buyers also dictates your home’s worth. A dirty, neglected home with noticeable odours from smoking or pets can really hurt the first impression. A home that reflects pride of ownership can make all the difference!
Determining a home’s worth is not a one-size-fits-all approach, and it’s so much more than simply knowing what homes are selling for in your neighbourhood. That’s why working with a realtor is advisable, as we have the experience and expertise to evaluate the uniqueness of your home.
If you are thinking of buying or selling a detached or semi-detached home, townhouse or condo in Mississauga, or if you are curious to know your home’s worth, please get in touch with me. I love nothing more than partnering with my clients to provide them with a personalized approach to buying or selling their home.