How Can I Find Out What My Home is Worth?
With spring coming and plenty of talk about the real estate market, Ontarians who plan to sell their house have plenty to consider with home value topping the list.
Phil Dorner, president of the Ontario Real Estate Association, says there are some broad guidelines to determine home value, but beyond these basic parameters, speaking to a Realtor is the best way to find out how your local market is performing.
“Real estate is hyper-local so despite what you may read, it is critical to recognize that home values vary hugely between neighbourhoods, and even between blocks in the same neighbourhood. Find a Realtor who specializes in your locale and ask for a comparative market analysis to determine what your home is currently worth.”
To get you started, here are Dorner’s initial assessment criteria:
• Location: Location remains the most important variable in real estate. How close is your home to amenities and schools? Houses that are close to transit and amenities tend to be most valuable.
• Space: Size is also a major factor. What is the square footage of your home? How many bedrooms? Although price per square foot varies enormously, generally the more square footage, the higher the value.
• Type: What kind of home do you own? Is it a single detached home? A Condominium? As a rule, detached homes are generally the most valuable, followed by semis, townhouses and condominiums.
• Condition: Has your home been updated? Does it have a modern kitchen? How about bathroom(s)? Updated, well-maintained houses tend to command top dollar.
Your Realtor will provide a detailed breakdown based on these variables and many more. More information is available online at www.howrealtorshelp.ca