{"id":6254,"date":"2022-05-23T16:00:00","date_gmt":"2022-05-24T00:00:00","guid":{"rendered":"https:\/\/justo.ca\/blog-admin\/?p=6254"},"modified":"2023-09-21T12:22:43","modified_gmt":"2023-09-21T20:22:43","slug":"how-much-is-my-house-worth-things-to-look-at","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/how-much-is-my-house-worth-things-to-look-at\/","title":{"rendered":"How Much Is My House Worth &#8211; Things to Look At"},"content":{"rendered":"\n<p>The last couple of years has been unpredictable at best. But one thing has remained constant: the rising home prices across Canada. As a homeowner, you may be asking yourself \u201chow much is my house worth?\u201d even if you\u2019re not thinking about selling.<\/p>\n\n\n\n<p>Truth is, keeping track of your home value in Canada is a must if you want to explore further investment opportunities, <a href=\"https:\/\/justo.ca\/buy\">buy a new house<\/a>, or simply plan your estate.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-vlada-karpovich-4050315-1024x682.jpg\" alt=\"estimated market value\" class=\"wp-image-6981\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-vlada-karpovich-4050315-1024x682.jpg 1024w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-vlada-karpovich-4050315-300x200.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-vlada-karpovich-4050315-768x512.jpg 768w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-vlada-karpovich-4050315.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>There\u2019s a wide collection of factors that impact the estimated market value of a particular house. This includes variables like the local housing market, the number of home sellers available, and the specs of your home. But, the real list is much more comprehensive.<\/p>\n\n\n\n<p>In this article, we\u2019ll share some of the different factors that influence the value of residential properties. We\u2019ll also provide general steps on how to value a house, share tips on increasing your home\u2019s worth, and help you determine if you\u2019re getting a fair market value.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Factors Involved in Your Home&#8217;s Value<\/h2>\n\n\n\n<p>Before helping you answer the question \u201chow much is my property worth?\u201d, let\u2019s look at some of the factors that impact the value of your real estate property.&nbsp;<\/p>\n\n\n\n<p>In this section, we\u2019ll cover variables that are directly related to the house. Note that some of these are under your direct control. Meaning, you can take steps to improve these areas and boost your home\u2019s worth. We\u2019ll also consider the external factors that you have no control over later on in this piece.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Location<\/h3>\n\n\n\n<p>You\u2019ve probably heard this on TV or in person: real estate is all about location, location, and location.<\/p>\n\n\n\n<p>Perhaps, true!&nbsp;&nbsp;<\/p>\n\n\n\n<p>The location is one of the biggest factors when determining the value of your home. After all, the location of a property impacts its school district, the amenities that are immediately available, and commuting times. However, the location of your property may not be under your direct control after you\u2019ve purchased it.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re yet to purchase your next property, it\u2019s crucial to consider how itsl location affects the sale value of your property.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Property Type<\/h3>\n\n\n\n<p>Apartments, detached homes, semi-detached homes, condos, and <a href=\"https:\/\/justo.ca\/blog\/townhouse-vs-house-everything-you-need-to-know\">townhouses<\/a> &#8212; all these properties offer unique advantages. Therefore, it makes sense for the property type to impact a home\u2019s overall value.&nbsp;<\/p>\n\n\n\n<p>As a general rule of thumb, property types that offer the most space are the most valuable. For instance, most real estate professionals agree that detached homes have the highest value. However, the type of property impacts other features beyond the space itself.<\/p>\n\n\n\n<p>For example, <a href=\"https:\/\/justo.ca\/blog\/which-is-right-for-you-freehold-or-condo-townhouse\">townhouses and condos<\/a> are often subject to homeowners associations that may charge maintenance fees. That said, these property types also offer access to communal leisure areas, so the only way to determine the exact property value is to hire professional services.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Size<\/h3>\n\n\n\n<p>The size of your real estate property is another crucial factor when determining its value. Now, it\u2019s important to understand that certain areas hold more value than others. Livable areas like bedrooms, for instance, are more valuable than utility rooms like garages.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"684\" src=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-pavel-danilyuk-7937959-1024x684.jpg\" alt=\"Couple Holding Their House Keys\" class=\"wp-image-6982\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-pavel-danilyuk-7937959-1024x684.jpg 1024w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-pavel-danilyuk-7937959-300x200.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-pavel-danilyuk-7937959-768x513.jpg 768w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-pavel-danilyuk-7937959.jpg 1279w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Note that it\u2019s possible to expand the size of your home under certain circumstances. Property owners may be able to build outwards or add storeys, but this will depend on the property type and the amount of space around it.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Usable Space<\/h3>\n\n\n\n<p>Having a spacious home is not the same as having a lot of usable space.<\/p>\n\n\n\n<p>We mentioned liveable spaces in the last section, but it\u2019s important to understand that usable space includes any areas that you can occupy within the confines of your home. This includes garages, attics, and basements. However, it does not include shared building areas like stairwells, storage rooms, building hallways, or recreational areas.&nbsp;<\/p>\n\n\n\n<p>As you can imagine, the most usable space in your home, the higher the value. But, keep in mind that the state of the space will also impact the value of your home. Therefore, it\u2019s best to maintain all areas of your home in good condition.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Age and Overall Condition<\/h3>\n\n\n\n<p>The age of your house and its overall condition are two factors that are related, yet independent from each other.<\/p>\n\n\n\n<p>Generally, older homes have more deterioration, older electric systems, and other negative factors. That said, real estate properties from certain decades are known for their good build, which can actually boost your property\u2019s value.<\/p>\n\n\n\n<p>No doubt that the age of a home is crucial, but its condition is also essential when determining its value. When evaluating the condition of a home, buyers usually analyze general maintenance and upkeep rather than extensions and other major improvements.<\/p>\n\n\n\n<p>The condition of your home is directly in your control, but certain elements also impact the state of a house that you don\u2019t have influence over. This includes weather, attached properties, and similar variables.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Renovations and Upgrades<\/h3>\n\n\n\n<p>Whether you have purchased an investment property or a family home, it\u2019s normal to make improvements, renovations, and other upgrades.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-ivan-samkov-5798981-1024x682.jpg\" alt=\"Mother and son working together on repainting a wall in their living room\" class=\"wp-image-6983\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-ivan-samkov-5798981-1024x682.jpg 1024w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-ivan-samkov-5798981-300x200.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-ivan-samkov-5798981-768x512.jpg 768w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-ivan-samkov-5798981.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Quality upgrades increase the value of your real estate, but the renovation area and type both impact this price change. Renovating living spaces and bedrooms represents a bigger investment. However, these improvements are more valuable than bathroom remodels.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s My House Worth? Methods for Determining the Value of Your Home<\/h2>\n\n\n\n<p>Here, we&#8217;ll share our steps on how to find the value of your home.&nbsp;<\/p>\n\n\n\n<p>Keep in mind that each method offers unique advantages and setbacks. If you want to get an accurate appraisal, your best bet is to contact a trustworthy real estate agent that can help you find reliable appraisers and other real estate professionals.&nbsp;&nbsp;<\/p>\n\n\n\n<p>If you want to find out your home\u2019s value on your own, you can go for:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Online Tools<\/h3>\n\n\n\n<p>The internet is a great place to buy and sell homes. Therefore,it makes sense to leverage an online home value estimator to help you determine the property value. These are called automated valuation model tools, or simply AVM.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/justo.ca\/home-value-estimator-canada\">Home value calculator<\/a> tools take a huge amount of data into consideration when generating an estimation. This includes publicly available data and specific information that homeowners have to provide.<\/p>\n\n\n\n<p>Even though an AVM can give you an idea of your home\u2019s worth, it\u2019s important to note that you won&#8217;t get accurate results. If you want to know the exact current value of your property, the best method is to pair this type of valuation with other techniques.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Comparative Market Analysis<\/h3>\n\n\n\n<p>Cooperative market analysis or CMAs are evaluations performed by real estate agents. This is another type of preliminary evaluation and should be used as an indicator rather than an accurate estimation.<\/p>\n\n\n\n<p>Only a real estate agent you can trust should perform CMAs. So, research potential agencies before organizing one of these valuations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The FHFA House Price Index<\/h3>\n\n\n\n<p>Suppose you want a quick valuation but something more accurate than AVMs. In that case, you can always refer to the <a href=\"https:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/HPI-Calculator.aspx\">house price index calculator <\/a>on the Federal Housing Financing Agency\u2019s page. The platform uses decades of data and tracks property value changes to provide estimations to its users.&nbsp;<\/p>\n\n\n\n<p>Note that this platform is not adjusted for inflation and other variables, so it\u2019s also not perfect. Yet, it may help you verify the information received from other estimation models.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Professional Appraisals<\/h3>\n\n\n\n<p>The best way to assess your home\u2019s worth is to hire a professional appraiser. These professionals are in charge of analyzing all factors, assessing their influence, and giving homeowners an accurate valuation of their real estate properties.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-cottonbro-studio-4065144-1024x576.jpg\" alt=\"Couple doing appraisal assessment in their home\" class=\"wp-image-6984\" srcset=\"https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-cottonbro-studio-4065144-1024x576.jpg 1024w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-cottonbro-studio-4065144-300x169.jpg 300w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-cottonbro-studio-4065144-768x432.jpg 768w, https:\/\/blog.justo.ca\/blog\/wp-content\/uploads\/2023\/09\/pexels-cottonbro-studio-4065144.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>During their assessments, appraisers consider the state of the home, the local market, and comparable properties, among other variables.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What External Factors Affect Home Value<\/h2>\n\n\n\n<p>As mentioned earlier, there\u2019s a set of external factors that impact the value of your home. It\u2019s impossible for a homeowner to influence these factors, but it\u2019s essential to monitor them to make the right property and financial decisions.&nbsp;<\/p>\n\n\n\n<p>Here are other factors that impact the value of your home.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The State of the Neighbourhood<\/h3>\n\n\n\n<p>New homeowners pay close attention to the state of a neighbourhood and whether it\u2019s in decline before making an offer for a home.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mortgage Interest Rates<\/h3>\n\n\n\n<p>Mortgage interest rates directly impact buyers\u2019 acquisitional power, and therefore, the amount of money these individuals are willing to pay. When mortgage interest rates are low, as they are currently, buyers are more willing to engage in bidding wars and pay more for a piece of property.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Local Real Estate Market Trends<\/h3>\n\n\n\n<p>The local real estate market goes beyond the neighbourhood and it can encompass entire cities and regions.&nbsp;<\/p>\n\n\n\n<p>Public records indicate that home prices are growing across most of Canada, especially in regions like the Greater Toronto Area. The growing popularity of these areas suggests a huge spike in demand, allowing homeowners to place higher price tags on their real estate.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Often Should I Check My Home\u2019s Value?<\/h2>\n\n\n\n<p>Now that you have a clear idea of how to determine house value, it\u2019s time to learn how often you should get an appraisal.<\/p>\n\n\n\n<p>The value of your house impacts your taxes, so you need to perform an appraisal at least every year. If you purchase an investment property, keeping a close eye on the price of your home can help you make better decisions down the line.&nbsp;<\/p>\n\n\n\n<p>There is no limit to the number of valuations you can perform regularly. You should look at the goals you\u2019d like to achieve through your real estate and set a regular schedule for valuations to accomplish these objectives.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Can I Do to Increase the Value of My House?<\/h2>\n\n\n\n<p>Adding value to your home is all about taking ownership of the factors that are under your control.<\/p>\n\n\n\n<p>Performing improvements, making extensions, and maintaining your property in good condition will help you improve its value even more. That said, certain minor renovations can significantly boost the perceived value of your real estate. So make sure to work with an agent that can guide you through the process.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Performing a Valuation Before Putting Your Home on the Market<\/h2>\n\n\n\n<p>Organizing a home valuation is the only way to accurately plan your estate and organize your assets. If you\u2019re thinking about <a href=\"https:\/\/justo.ca\/sell\">selling your home<\/a> or purchasing a new piece of real estate, our team of professional agents will be glad to help.<\/p>\n\n\n\n<p>Contact <a href=\"https:\/\/justo.ca\/\">Justo<\/a> today to learn more about selling or buying real estate in your area.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The last couple of years has been unpredictable at best. But one thing has remained constant: the rising home prices across Canada. As a homeowner, you may be asking yourself \u201chow much is my house worth?\u201d even if you\u2019re not thinking about selling. Truth is, keeping track of your home value in Canada is a [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":6979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Much Is My House Worth - Things to Look At | Justo<\/title>\n<meta name=\"description\" content=\"Find out how much your home\u2019s worth. In this post, you&#039;ll learn about the elements that influence house value and how you may improve it. 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