Are you planning to sell your home? Or do you want to rent out your apartment in Ottawa? In either of these scenarios, your first step should be to determine the value of your property.You must know the worth of your house to convince the buyers for the best price. Isn’t it?
Which Factors Affect the Worth of My Home?
Several factors affect the value of your house. You have to consider all of them to come up with an effective estimate of your home’s worth. Some of the factors that MUST be taken into account are discussed below.
Location
The location of your house is the most important factor to determine its worth. Appraisers consider everything (ranging from local schools to transport links) about the neighborhood while making these calculations.
Similarly, good employment opportunities and proximity to necessities of life (shops, entertainment, etc.) can increase the value of your property. On the other hand, a higher crime rate and flood risk in the locality can depreciate the worth of your home.
Age and Condition
It is quite logical that newer houses have a higher value. The critical things (plumbing, electrical wiring, roofing, etc.) of these homes are less likely to malfunction soon. Consequently, the buyer is confident that he/she won’t have to bear any massive repairing expenditure after the sale.
On the contrary, if there are any critical issues with the house, the price will go down. This is because the buyer will have to pay for the repairing work. For instance, a sinking foundation (Subsidence) is an issue that can cause some serious damage to the worth of your home.
Improvement Projects
There are a lot of home improvement projects that can enhance the worth of your house. For instance, the availability of a swimming pool or a basement can be handy in setting a higher price tag. Likewise, wooden flooring can give a massive boost to the value of expensive homes.
Usable Space (Size of the House)
The size of your house is another important element for calculating the value of your house.In comparison to the overall area of your property, usable space is given more weight age in real estate. This is the reason why bedrooms and bathrooms are the most valuable parts of a home.
Generally, places like garage and attic are not considered usable as they fall under storage space. Although a house needs to have some storage space, it is NOT as worthy as usable space.
Other than these factors, interest rates also play an important role in determining the price tag of your home.
How to Get a Value Estimate?
Researching similar homes for sale in your neighborhood is the easiest method to get an estimated value of your house.Whether you do it yourself or hire a realtor®, this is a reliable technique to calculate the home’s worth.
However, it can be difficult for you to get an accurate result if you don’t know much about real estate. For this reason, it is always better to contact an agent for a valuation. If you are looking for a reliable real estate agent in Ottawa, Armin Khamsehzadeh is a realtor® you can trust. You can get a FREE Home Evaluation from this Ottawa realtor® by clicking here.
