How do I determine the value of my home in Winnipeg?

BY Phil Gear, REALTOR

The value of a property is determined by several different factors, each of which can influence how much your home is currently worth by varying degrees. Let’s take a closer look at the specific factors that will be assessed when determining the value of your home or property.

Does the size of my home impact the price?

Yes! The bigger the house, the higher the price tag. The number of bedrooms impacts your home’s market value. Homes with more bedrooms and bathrooms are typically more valuable than those with fewer rooms because they can easily accommodate larger families or guests.

Another factor that can influence how much a property is worth is its number of bathrooms; homes with 2 1/2 or more full bathrooms are considered desirable by potential buyers due to their convenience and luxury appeal. Therefore, if your home has 2 1/2 or more full bathrooms, it may be worth more money than similar properties with fewer bathrooms.

Does the age of my home impact the price?

Older homes may not be worth as much as modern ones due to their outdated features and need for mechanical or cosmetic updates, whereas newer homes tend to have higher values than older homes because they require less maintenance or repairs over time. If you’re looking to sell an older home, you may want to invest in some renovations or remodelling to increase its value before listing it on the market. That being said, older homes are often located in mature and desirable neighbourhoods, meaning that the demand for them is higher compared with newer homes in new developments.

What brings the most value to a home?

Location is one of the biggest contributing factors to the value of a property. Homes located in desirable neighbourhoods typically have higher values due to their proximity to amenities such as restaurants, shopping centers, schools, public parks and more.

Construction quality and architectural features can also dramatically influence the value of your home— to build a basic home with a tract builder, the cost per square foot is in the range of $200/sqft— whereas to build a home with high-end features with a custom builder will cost you closer to $500/sqft. Finishing work changes the look and feel — and price— of a home substantially. Also features like a finished basement, a pool, deck or sunroom, etc, can have a huge impact on the price.

How to check the value of your home?

The first step is to call us! Your realtor will first take all of the above (and more!) into consideration about your home. Then, they will pull up recent comparable sales. Comparable sales refer to similar properties within close proximity that have recently sold on the market – this information gives us tangible evidence of the approximate value for your home. Active agents will often have personally seen some or all of the comparable homes and will be able to directly compare your homes pros and cons to the comparable home’s pros and cons.

Knowing how a current home value is assessed helps give you an idea of what you should expect when it comes time to list your house on the market or make changes that could raise its sale price. While there are many factors that come into play when assessing a property's worth, understanding what goes into these assessments can help ensure that you get top dollar for one of your most valuable assets - your home!

If you have any further questions about your home’s value— please reach out!