Evaluate the Market Value of your Home: Instructions for Use

Evaluate the Market Value of your Home: Instructions for Use

- in Home
Comments Off on Evaluate the Market Value of your Home: Instructions for Use

It is of great importance to know the value of your home before taking any step towards selling it out. Being in a rush to get an apartment can result in great regret afterward, here are the steps you need to consider before selling your home or try to relocate.

Consider the Location

When looking for a home, the location is the key! Even if a property can be expanded, renovated or transformed, it will never change streets, neighborhoods or cities. Thus, location is the most essential factor affecting the worth of a home. In addition to the city or the neighborhood, one must also consider what is found around the house, a property located in front of a park will have a greater market value than a residence located on the same street, but whose yard overlooks the parking lot of a service station.

List the Favorable Attributes

Once the location is well assessed, you need to understand the kind of real estate you have in your hands. A dual bedroom property will not have an interchangeable value as another one that has four.

For effective evaluation of the optimal market value, all attributes of the house must be taken into contemplation, the living area, the size of the lot, the number of rooms, the painting job, whether is done perfectly by professionals like the painting companies in Toronto, the presence of a garage and any other so-called contributory features, like a wine cellar or swimming pool. The quality of the outer shell (roof, brick, windows, foundations) and the interior finishing, especially that of the kitchen and bathrooms, must equally be studied. The condition of the house weighs in the balance since the buyer will not hesitate, for its part, to calculate the cost of renovations in its budget, study the comparable.

Like any other market, the real estate is controlled by supply and demand. If a category of property is popular, its value will be adjusted upwards, especially if this type of offer is rare. For example, selling a two-bedroom condo on the Plateau-Mont-Royal while a dozen immediate neighbors had the same idea can complicate matters, unless the building has an advantage over similar properties. Hence the relevance of a serious study of comparable, that is to say, properties with similar characteristics and located in the same sector.

At the time of setting a selling price, one must also take into account one’s personal situation. If you have to sell as quickly as possible to meet the terms of a conditional purchase offer on another property, you may have to expect a little less. On the contrary, if nothing presses, we will be ready to wait to obtain the desired amount.

About the author