4 Things That Determine Your Toronto Home's Worth
In real estate, most houses are sold by the square foot. If a 1,000 square foot house, is listed at $400,000, then it is selling for $400 per square foot. This means that when determining value, your real estate agent needs to look at what houses in your area are selling for and multiply that number by the square footage your house has. In other words, the larger your home, the greater the value. There are several other factors, however, that can affect the price as well.
The first rule of real estate is location, location, location, and this rule applies particularly well to Toronto. A house in Kensington has a completely different value than one in Yorkville, for example. Location is very important in a big city like Toronto. People want to live in a specific neighborhood and be near things like amenities, transportation, and even nightlife.
2. Number of bedroom/baths
The number of bedrooms and bathrooms also affects the value of your Toronto home. The more bedrooms and baths that you have, the more valuable your home is, even when compared to a home with the exact same square footage. A one-bedroom is more valuable than a studio, a two-bedroom is more valuable than a one-bedroom, and so on. The same applies to bathrooms although it should be noted that most buyers prefer a home with at least one bathtub. If you only have a shower, it could be perceived as a negative.
In big cities across North America, parking is at a premium. If your home has a garage — one or two-car — it adds value and, in turn, will increase the asking price. Likewise, a condo with a garage spot or even a designated parking space has more value than a unit without parking. No one wants to come home from a late-night event only to drive around the block looking for somewhere to park.
Most single-family homes have laundry facilities, but it is a highly desirable feature for condos, especially downtown. If your place has in-unit laundry, whether a full-size washer and dryer, a stackable, or even a combo washer/dryer squeezed into the kitchen, it adds value. Laundry becomes less of a chore when you don't have to carry everything to the basement.
The best way to determine your Toronto home's worth is to talk to an experienced real estate agent who can examine the recent listings and sales in your area.