There are a great number of factors that determine the “market value” of a home.
The desirability of a neighbourhood is an obvious feature of market value - The more desirable a location normally the higher the market value. Neighbourhood characteristics that generally impact home prices are the quality of the schools, the variety of shopping and recreational amenities, access to transportation modes such as public transportation and easy access to major roads and thoroughfares, proximity to parks or trails, and of course safety.
•Lot Size & Features
A larger lot line in comparison to other nearby homes will often increase the home’s market value. So will unique features of the property such as breath-taking views or the privacy of backing onto a ravine or waterway access.
•The Type of Home & Layout
Whether the home is a two storey detached, a two storey semi-detached, a townhouse, or a bungalow it will have a significant role in establishing the market value. Add layout and unique features to this mix and the market value can be significantly impacted. For example a finished walk-out basement or a large eat-in kitchen, a separate den or family room, and the number of bathrooms, or 10 foot ceilings will all add to the value of the property.
• Maintenance & Condition of the Home
Keeping a home in good condition will result in obtaining a better asking price. If a buyer believes that he will need to replace the major items such as the roof, windows, furnace or air conditioner, be assured that the property will discounted by potential buyers.
• Curb Appeal & Interior Cleanliness
Curb appeal is an important factor in determining the market value of your home. Many potential buyers will decide whether or not to view the property simply on the curb appeal of the home. Buyer interest is keen if the property looks clean, uncluttered, well furnished and decorated.
What is your home worth in today’s market?
Contact me today and let’s start a conversation.