When you first start thinking about selling your home, it’s usually because of some life change, whether that be a growing family, downsizing or you’ve been hit with a sudden urge of Wanderlust. The next thought that comes to mind is usually “how much is my home worth?”
In today’s market, you are probably feeling a little overwhelmed after the year spike in housing prices. Thankfully, the market has steadied out a bit so you can get a better idea of what your house might be worth. Instead of spending hours trying to research the exact amount, we’re going to give you some tips that will help you get a rough idea. Once you know what you’re looking at regarding buying and selling, you can make the next step and reach out to a real estate agent.
There are a few factors to consider when looking at selling your home. When was it built? What condition are the major things like the roof, furnace, and electrical in? Are there holes in the wall? Other things like location, time of year and what neighbourhood you live in are all determining factors that can help you gauge your house price.
Where Is Your House Located?
Are you located near any deterring environments like a train station or a sewage plant? You might laugh, but this matters. You might be used to your location and surroundings but would someone else jump at the chance to live where you are? Are you near highways or shopping centers? Is it accessible to get to you or do you need to drive on a dirt road for 10 kilometres before hitting your driveway? The closer you are to convenient amenities like schools and bus stops, the more your house might sell for if it’s in good condition. A home is a big investment, and any buyer has a checklist of desires they want to be met before making that final decision to buy.
What’s The Current Condition Of Your House?
Is your furnace more than 20 years old or bordering on its lifetime mark? Are you in a position to change it before you sell? What does your roof look like? Is it falling apart or has it been newly replaced? Cosmetic touch-ups can be done at any time; it’s the big things you need to think about. Those bigger expenses need to be factored into the price when you’re selling your home, and you’ll either add value to your home, or you’ll need to negotiate a lower price if you’re putting more work into the buyer’s hands. If you have small cosmetic changes like paint touch-ups, a new countertop, maybe some new flooring, those things are easily done and can increase your home’s value.
What Are The Homes Around You Worth?
A good way to gauge how much your home might be worth is to take a look at other houses for sale in your neighbourhood. You’ll get an idea of what other homes are going for and what you can expect. You should also consider the things mentioned above and weigh out the ‘fix it’ factors. If the house down the street has recently been renovated and you have some work to do, you can assume then that yours might be worth a bit less. That goes both ways though, and if you’ve recently done some home improvements and the house down the street looks like it could use a facelift, you could add some value to your side. When you start looking at buying and selling it’s always a good idea to look around the area and see what other homes are selling for.
You should now have a good idea and some realistic expectations of what your home might be worth. If you’re still not sure and you want a professional opinion, it might be time to call up a real estate agent and get a free estimate. Ask your friends for a recommendation, or Google homes for sale in Kitchener or Waterloo Region. You could also call up Tony Johal – his team knows a thing or two about homes for sale in Kitchener.
If you need some DIY tips to spruce up your home before you sell, or even if you’re not selling and just want to try something different, read DIY Tips To Create the Perfect Accent Wall.