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Find Out What Your Home is Worth

Whether you are staying in or selling your home, there are several benefits of knowing your home’s true value.

SELLING A HOUSE

If you are selling the house, you absolutely need to know the value of your home. The net proceeds you make after selling a house is your selling price minus the loan balance minus the selling cost. Most likely you already know your loan balance and the selling cost prevailing in your area. The only variable being the selling price. Getting a better idea about your home value is definitely a good first step if you are considering selling in near future.

BEING IN-THE-KNOW

Maybe you have no immediate plans to do any of the above. Still keeping yourself abreast of your home value is a great idea. Situations and plans can change in future, sometime involuntarily. So being in-the-know about the home value will help you take the next steps when you are ready or when life throws a curve ball – knowing your home value can do a lot of good. I’m happy to provide you a comprehensive market analysis to estimate your home value

HOME IMPROVEMENTS

Home improvements are primarily made for two reasons – making the house more comfortable to live in or preparing the house for sale to fetch a better selling price. If your home is already priced at the higher end in a neighbourhood, making home improvements may not yield a suitable return on investment.  All the money and time invested could be a waste. Understanding your home value and that of the neighborhood you live in should be the first step before you decide on making expensive home improvements.

LOOKING FOR REFINANCING

Depending on the loan program, lenders would allow you to borrow a maximum of 75% to 96.5% against your property. While you need to qualify on other credit parameters, equity in the house is one of the more important underwriting criteria. Up to a certain point, the more equity you have the better loan terms you would qualify for. Also, knowing your home value tells you how big a mortgage you can take – whether its refinancing to get a better rate, lower payment, secure a line of credit or taking a cash-out to satisfy other needs.