Four Ways to Determine the Value of Your Home

Big homes in the neighborhood

Are you wondering how much you should pay for a house or how much your house is worth? The value of your home changes over time because the housing market might change over time or the area could be commercialized and industrialized. Depending on the ‘market’s environment, the value of a property can increase or decrease.

The stability of the structures in your property will also determine the value of your house. The support systems for plumbing, for example, will either improve the selling price of the house or decrease it altogether. Any insecure systems, whether electric or plumbing, could harm the value of a home.

Compare with Your Neighbors

Which of the properties in your neighbourhood has recently been sold? Look at the past 12 months. You cannot compare a particular property to your own unless they have the same specifications. For example, if one house has the same size as your house but the other one has a larger lot than yours, your property will be less valuable. You can also check the records at the local county ‘recorder’s office or website to know how much a property was sold. Remember, though, that some municipalities are months behind in updating their databases.

Check Real Estate Websites

You can also check real estate websites with home value estimators. The website will ask you questions about your home such as the size, number of rooms, date of construction, amenities, and neighbourhood. The database will use information from both private and public databases and use it to compute the value of your property.

Ask Real Estate Professionals

Big home with backyard pool

Ask a real estate agent to assess the value of your home. Licensed agents have access to more recently updated private industry database. However, if you are not willing to pay a commission, you should think twice before asking a real estate agent. Remember that their time is valuable because they work to sell a house for a fee. The understanding is that if you ask them to assess the market value of your house, they are going to be hired to sell your property for a commission.

Hire a Professional Appraiser

For a sure way to determine the value of your home, hire a professional appraiser. You need to pay anywhere from $150 to $450 to have your home appraised. This is a surefire way of receiving a report on the market value of your home without needing to pay a commission fee. Appraisers know that their work is to assess how much a home can be sold for or refinanced for. It won’t matter to them if you don’t give them a commission after the property has been sold or a mortgage has been approved.

Now and then, you might want to have your property appraised so that you can compare it to the market price. This way, once you are ready to put it on the market or apply for refinancing, you already know at what price you can begin to negotiate. This will help you attain the right price for your property.

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