My Edmonton Home Value

Key Indicators of Your Homes Value

NEIGHBORHOOD

Your neighborhood is the primary factor in your homes value. Ever heard of those 600 SF dollhouses in Vancouver selling for millions of dollars? Obscene sale prices are usually thanks to your home’s location. In Edmonton a 1940s Bungalow in Glenora is going to sell for a lot more than the exact same Bungalow in Alberta Avenue or any other number of locations. Your homes location within the neighborhood is also a key indicator of value. Is your house on a main road? Is your home backing multi family or maybe commercial properties this can often be a deterrent in value. On the other hand, being on a quiet road, a tree lined street or in a cul-de-sac can have the opposite effect.

 

SQUARE FOOTAGE

Edmonton has many neighborhoods that were built as early as the 1930s. Homes built before the second half of the 1900s won’t normally have more than 850 Sq Ft. In today’s market a home is valued a lot higher if it has additional living space. The difference between your 850 Sq Ft house and your neighbors 1100 SF house (even if they were built around the same time period) is likely significant. Another key indicator is how that square footage is distributed. Bungalows will usually sell for higher than a 1.5 stories because the space offered on the second floor isn’t optimal square footage. Half story houses built during the 1900s offer lower ceiling heights and inconvenient second story bedrooms which are not a good selling feature.

 

ADDITIONAL FEATURES

Additional features that can improve the value of your home can be anything from a front / back porch, architectural features on your house façade, an oversized single or double garage, a heated garage, finished basement or alarm system. Normally additional features are aspects of the home that could be implemented by new owners if they so choose. It’s fairly easy to estimate the additional value they add to your home by estimating the cost minus depreciation. However, the safest bet is to have your realtor find examples of recently sold comparables with similar features!