Best Way To Value How Much Your House Is Worth
The best way to value your home is to check and compare the sold prices of similar homes around you. Property type, square footage, age, location, renovations, and much more can impact your home’s market price.
Factors Involved in Your Home’s Value
| Location | Location is one of the most important determinants of a home’s value. You can check the prices of properties around you to get a ballpark estimate of your home’s value. |
|---|---|
| Property Type | In North America, detached and semi-detached homes are generally valued more highly than condo apartments and high-rises. |
| Size | The size of your home plays a big role in your home’s value. Be sure to differentiate between livable space and other structures like garages or balconies. |
| Age and Condition | Older homes generally have lower valuations due to the higher costs of maintenance and heating costs. Some decades can be infamous for the use of certain building materials such as asbestos or Poly-B plumbing. |
| Upgrades and Renovations | Remodelling and new appliances can significantly increase the value of your home. You can check the estimated payback and appeal of a project using the NAR 2019 report on remodelling. |
| Interest Rates | Lower interest rates can help buyers afford more expensive homes with the same mortgage payment. You can find the best mortgages rates in Canada on WOWA.ca. |
| Local Market Activity | Your neighborhood prices can follow trends in your regional housing market. Check how your local housing market is doing with our Housing Market Report. |
Other Ways You Can Estimate Your Property Value
If you are up for the work, there are other ways that you can try to estimate your property value. However, these methods may not be accurate and can take a lot of your time. We recommend working with an agent that already has in-depth experience with properties in your neighborhood.
Look up the prices of similar properties in your neighborhood
You may be able to find homes in your neighborhood that are listed for sale on websites like Realtor.ca or Condos.ca. The asking price of these listings can give you a good picture of roughly how properties are valued in your area. However, it can be tough to find a property that’s exactly the same as yours and even then, the asking price may not represent the real sold prices in the area. This is especially true in the Greater Toronto Area where some home sellers list their homes for lower prices in order to encourage bidding wars. In addition, some homes may be overpriced and could have stayed on the market for a long time. It can take a lot of time and work to get an estimate using this method.
Use your home’s assessed value as a rough estimate
The assessed value of residential properties is usually based on the estimated market value of the property. While standards differ from province to province, the assessed value of your property can give you a starting point for your valuation calculations. At WOWA.ca, we have analyzed countless homes across Canada and created a simple-to-use tool based on our data to help you estimate your property’s market price using only a few inputs. Estimate your property’s market price from its assessed value.
Check trends in your local or regional real estate market
By analyzing real estate market trends, you may be able to get a rough estimate of your home’s value by considering how much prices have grown since you bought your home. For example, if you’ve owned your home for five years and property prices in your area have grown by 10% that time, you can use your original home price + 10% as a general ballpark of what your home should be worth. For an accurate estimate, however, you would still be better off with a free no-obligation consultation with a real estate agent.
Please feel free to contact us for FREE property evaluation.
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