Are you curious about how much your home is worth? A home’s value is determined by various factors. Here are a few that are generally considered – of course, be sure to seek specific advice for your circumstances.

1. Location. The location of the property is one of the most significant factors in determining its value. For instance, properties in desirable neighbourhoods with low crime rates tend to have higher values.

2. Property size and features. The size of the home, the number of bedrooms and bathrooms and special features, like a swimming pool, all contribute to its value. Larger properties with desirable features usually command higher prices.

3. Condition and age. The condition of the property and its age can impact its value. Well-maintained properties generally have higher values than those in disrepair. Renovations and upgrades can also add value.

4. Real estate market. The overall state of the real estate market plays a crucial role in determining property value. In a seller’s market (high demand, low inventory), prices tend to rise. By contrast, prices in a buyer’s market (low demand, high inventory) may stagnate or decline.

5. Infrastructure and development. Homes in areas with new developments, such as roads, schools, parks and retail stores are appealing to buyers and often sell for more.

Keep in mind that property valuation isn’t an exact science, and different professionals may have varying opinions on a property’s worth. Speak with a local real estate agent for the most precise information.