The value of a property is determined by a number of different criteria, each of which can influence how much your home is currently worth. These criteria range from the square footage and the age of your home, to its location, construction quality, architectural features and even the number of bathrooms.
It is important to remember that a property valuation is not a fixed or permanent number. It is simply a snapshot of what your home is worth today, in relation to current market conditions and what other, similar properties are selling for. This value can change over time based on improvements to the property, as well as changes in your neighbourhood and the overall housing market.
- Determine what the square footage of the house is. Every listing program includes, among other criteria, what the square footage of the house is, and that includes both the livable and non- livable space. If a house listing does not include this data, do not consider buying the house as the seller has something to hide.
- Location of the Property. Location is one factor you need to consider before your purchase or rental and ask yourself theses questions, the proximity of the property to basic amenities, how accessible is it?, do i want a retirement home in the suburbs or somewhere close to my place of work?
- Age of the Property. Knowing the property’s age can help you compare prices, older buildings can’t be priced as recently built ones, it also shows the kind of facilities you might find in the house.
- Number and Type of Amenities. Consider the total number of toilets and bathrooms, are the bedrooms ensuite, what other conviences can you find in the house, laundry room, storage etc.
- Compare with other houses for sale in the area. Based upon their price per square foot, see if they were reasonably priced or way over priced. Look online for options that compare to your home. Find out what they sold for – make sure they’re similar in size, location, and amenities offered.