Winnipeg Home Values: Why You Should Schedule a Home Valuation
For many Manitobans buying a home is the biggest investment that they will ever make. Whether you found your forever home last year or bought it in the 1980’s the value of that property will have changed — so, what’s it worth now?
The Winnipeg housing market moves in bursts and has been on a steady incline year after year. Even if you have no plans to list your home, there are plenty of reasons to stay informed about what your home is worth. When you know the value of your home it can help you decide what type of improvements or renovations can be made, ballpark your property taxes and insurance and can help you decide whether or not this is your forever home or you’d like to sell.
Why is a Home Valuation Important: Getting to Know the Benefits
You can’t just put a price tag on a property. In fact, even a similar home in the same neighbourhood may have a wildly different sales price. While there might be an average price for homes in different areas across the city there are a few unique factors that will contribute to overall pricing. For example, consider a 2 bedroom, 2 bathroom house. An attached home of these specifications will have a much lower listing price than a detached home or the same size and style.
When Renovating: Renovating a home adds personality and curb appeal but it will also impact the overall value of your house. Depending on the current value of your house, as well as the potential value that can be added, you can create a renovation plan that maximizes both your budget and your return. A real estate agent can help to decide what upgrades will benefit your space the most. With the cost of living on the rise across Canada anything that can help to reduce utility bills and daily running costs are great ways to add value to your home and stretch your budget. In this case, updated windows, roofing and even solar panels might be your next big project while a can of paint might be the cheapest, easiest option nut does come with a lower ROI in the moment.
Pulling Equity: If you have held a mortgage on your current home over a period of years you will likely have equity built up. If you find yourself dealing with large amounts of debt or are looking forward to a major expense, you might consider remortgaging. A valuation makes it possible to go to the bank with hard figures that will expedite the application process.
Property Tax & Insurance: Knowing the value of a property is beneficial across a wide range of industries. Understanding what your home is valued at can help to create a more informed insurance policy for peace of mind, as well as giving you an idea of how your property taxes are structured.
When Selling: For many homeowners in Winnipeg their first homes are starter homes. If you relocate for work or are looking to grow your family, there are plenty of reasons to move. It can be fun to spend a day browsing open houses but it you don’t want to get your heart set on something that you can’t afford. Pre-approval for a mortgage is a great starting point for building your budget but understanding the value of your home can help to determine the sales price of your listed property and provide a more clear view of what you can put toward a new house.
The size, property type, location and market conditions will all have an impact on the overall value of your property so it is always a good idea to consult a home appraiser regularly to stay informed. There are plenty of home valuation tools on the market but none of these will be as effective as a professional home appraiser. If you are struggling to find a reliable appraiser, just consult your real estate agent and/or a member of the Winnipeg regional real estate board to connect you with an industry Pro.