If you own your own home, you understand how valuable your home is to you and your household as it provides you with a good environment that allows you to establish long-term roots in an area and community. When you own your home, you can make improvements and take care of its maintenance for pride in ownership and a potential increase in its value over time.
However, you may need to find out how much your home is worth to do a refinance on the mortgage or get a home equity loan, or you may need to sell your home and want to know how much you should price it at. In any of these situations, you will need to get a fair and accurate home valuation, so it is helpful to know where to go to get this information. Use the following tips to help you find out your Toronto home's worth in the current real estate market.
Contact a Realt Estate Agent
One of the easier ways you can figure out your home's value is to seek out the services of a professional real estate agent to help you. A local real estate agent in your area will know your area to help you determine your home's value. They will use a variety of tools and information from the current market to calculate and figure its current value. The value that your home has will vary throughout time and it is based on the real estate market activity.
A licensed real estate agent will complete a comparative market analysis to collect and compile details of homes in your area that have sold. They will look at specific homes that are similar in style, size, and age of your home, in addition to specific features. For example, they will look at a home that has an attached garage and is a multi-level home if that's the type of home you currently live in. When they collect several homes that are very close to your home, they use their online program to calculate your home's true market value.
Look at a Professional Appraisal
A professional appraiser is a good resource to find out the value of your home. An appraisal will come to your home and go through your home to evaluate its features, amenities, square footage, number of bedrooms, and other details to compile its current market value. When you hire an appraisal, it is a certified valuation of your property, which is usually required for a mortgage company if you are looking to refinance or take out a home equity loan against your property.