How Much Is House Worth – It’s always helpful to know the value of your home. There are many benefits to understanding the value of your home, one of which is the ability to determine an accurate list price. Recognizing your home’s market value can also help you assess whether recent improvements or renovations may have increased its value. This is important if you are looking to tap into your home equity and take out a second mortgage.
The following article will help you understand the value of your home and the factors you need to consider as a result.
How Much Is House Worth
An easy way to determine the value of your home would be through a comparative market analysis (CMA). Simply put, this means keeping an eye on property valuations in your immediate area. However, this involves a thorough analysis, and it will require more than just logging on to MLS.com and having a quick browse.
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Let’s take a closer look at the criteria used by analysts (realtors or home equity loan appraisers) when doing a comparative market analysis (CMA).
This involves researching the sale of homes in your area. The time interval you choose to consider is entirely up to you. For example, in a booming real estate market like Toronto, you can simply go back a month or two, as property prices can rise up to 10% within a year.
Considering that the average home in Toronto sells for around $1 million, using last year’s numbers as a reference can lead to you losing $100,000 or more on a sale.
However, in stable markets, it is good to look at sales in the past 12 or even 24 months. Remember that every house in your area is different. Additional factors tailored for your home specifically will help inform your understanding.
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The prevailing economic conditions of the time can have a huge impact on the value of your home. For example, if unemployment increased dramatically in your area, the demand for homes would be much lower than the supply. As a result decreased ratings.
Another question that homeowners often ask is, “How much is my house worth right away?” Given that economic conditions may not improve by the time you decide to cash in on the value of your home (through a sale or home equity loan), this may become an important consideration.
The demographic you are targeting with the potential sale of your home is an important factor in determining the value of your home. For example, if you own a single-family home with an unfurnished basement located in a college town, you may have trouble selling it compared to a house with a furnished basement apartment designed to be rented to students.
Most people would choose against buying a home located in a violent and run-down neighborhood. Therefore, location is a key factor to consider when trying to determine the selling price of your home.
How Much Is Your Home Really Worth?
However, if your area has amenities such as well-established schools, access to transportation, and good infrastructure, these can dramatically increase the value of your home.
In addition to the factors listed above, there are various indicators that are specific to your home that can either increase or decrease its value. These additional factors will help you get a more concrete and accurate valuation of your home.
Detached homes are increasingly popular with buyers. This can be seen in major real estate areas such as Vancouver, where detached homes are scarce and sell at a base price of a million dollars.
Another important factor is the number of bedrooms in your home. If you own a family home, a minimum of two bedrooms is required to be competitive if neighboring homes in the area have three bedrooms or more. Anything less will decrease the value of your home.
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The number of bathrooms can also have a similar effect. Buyers will look more favorably at a home with two or more bathrooms.
Finally, the interior design of your home is also a vital contributor. For a long time, buyers preferred open designs and as a result, these homes are more popular now.
More square footage corresponds to a higher appraisal for your home. Of course, this refers to smaller homes in the area.
A home with lots of outdoor space can be very attractive to certain types of buyers, especially families. On the other hand, buyers who view large outdoor spaces as a liability are likely to go far. Buyers like this could be in the form of older property owners who are unable to maintain wide open spaces regularly.
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The inclusion of a driveway or garage can add considerable value to your home. However, street parking is likely to reduce it.
A home in need of major repairs will not attract serious buyers. Although there is a market for such properties (house flippers), you will still sell the home at a much lower price in most cases.
Home renovations are extremely beneficial when it comes to increasing the value of your property. An improved roof or the installation of heated floors can make your home twice as desirable to potential buyers.
Usually, homeowners don’t make a profit on renovations. Despite this, home upgrades will undoubtedly add value to your property. Homeowners often take out loans to pay for renovations for this very reason. In some cases, the loans can pay for themselves.
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A home with a basement capable of being used as an apartment can be very profitable. Although the cost of renovations can be quite high, the income you are likely to generate will help you recoup your money.
Buyers are fully aware of this and are willing to pay a premium for a home with a basement apartment. Although, it is important to be aware of the provincial regulations and standards for basement apartments. This may include obtaining a license.
Therefore, be sure to do your research before investing in your basement renovations to avoid a situation where you’ve sunk more money than you’ll get back. Likewise, a spare room can also be an asset for you. This is where having a two- or three-bedroom home plays to your advantage.
The process of determining the value of your home is rarely straightforward. There are many variables and external factors that contribute to the assessed value of your home. Based on how you approach the process, your home value may differ from the actual price you sell it for.
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According to RE/MAX, spring is the best time to sell a house. Usually, buyers are looking to move in before the summer. The next best alternative would be to sell during fall. However, selling your home in the winter would be counterproductive as you are less likely to profit from your sale.
A solid and decisive marketing strategy is essential, even in a booming market like Toronto for example. Potential buyers prefer to see high-quality photos of a properly staged home beforehand. Your house needs to be presentable in this regard, quick pictures on your phone will do you little good.
Being patient is key. In an ever-expanding real estate market like Canada’s, you are very likely to get the offer you want. It’s quite common for first-time sellers to cave and jump at the first offer they get. However, don’t be intimidated by aggressive negotiators stick to your guns and you will get the valuation you are looking for.
Whether you’re looking to renovate your home, consolidate debt or cover the cost of school, Alpine Credits can help match you with the right home equity loan provider based on your unique needs.
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For more than 50 years, Alpine Credits has been a pioneer in the private loan market. They help Canadian homeowners get home equity loans when they need them by offering a variety of options based on the needs of the borrower.
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Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice. Whether you’re looking to sell your home or just want to stay current on its value, here are some tips to help you determine what your home is worth.
It’s no secret that the housing market has declined and
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