How To Value A Property?
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18 March 2022
There are many factors that affect the value of a property with that being said here are a few; square footage, number of bedrooms & bathrooms, type of property, lot size, surroundings & proximity to social life, stigma and many more!
Square Footage:
The greater the size of the house the more money your property will be worth.
Bedrooms & Bathrooms:
Increasing the number of bedrooms or bathrooms in your home will increase the price of your home. While this will increase the price of your property you have to make sure they are decent sizes and that the layout of the home flows with the type of property it is.
Type of Property:
Its obvious that a single detached will have more value than a semi-detached while a semi-detached will have more value than a townhouse and townhouse more value than an apartment. Condominiums are also great properties because you have little maintenance on the property, condominiums very from townhouses to apartments and they sell quickly. Keep in mind that little maintenance comes with condo fees, the greater the fee the less people will want to to pay for the property but it also depends on what is included in that fee.
Lot Size:
The larger the lot the better because people are looking for large backyards & privacy no matter the type of home it is. Keep in mind that corner lots can sometimes be a negative factor because of the high maintenance like cutting the grass and removing the snow off the sidewalks.
Surroundings & Proximity to Social Life:
Questions to ask your self;
- How far am I from shopping centres/malls?
- How far am I from work?
- How far am I from my day to day activities?
- How far am I from family and friends?
- Am I moving to a good neighbourhood?
Stigma:
Every neighbourhood has its pros and cons so when purchasing a home you need to make sure there are littles factors that will affect your resale value in the future. Your property needs to have potential in growth so that the value can increase as the years go by.
In conclusion these are some great ways in valuing a home because these certain factors are hard or impossible to change once your property is purchased. The cosmetics of a home can always be fixed and a lot easier to do. In order to get you started please feel free to contact the CatanaTeam so we can answer any further questions!
