How to Find Out How Much Your Home is Worth
As a homeowner, it is important to know just how much your house’s value is. Knowing the real value of a home puts the homeowner at an advantage on several points. For instance, homeowners will know just what improvements can add value to the property. Meanwhile, sellers can sell their property faster and with the greatest profit. As such, it is very easy to get a property assessed for its true worth.
How to get a home appraisal
Homeowners can opt for two ways to get their home appraised. They can get the services of an appraiser and ask for an estimate. Or they can check any of the many real estate sites online.
- Using an online real estate service site
The main drawing point of an online real estate service site is its convenience. Sites like Zillow.com, Trulia.com, and Realtor.com are great websites to check out.
Zillow.com and Trulia.com for instance, displays its home prices right on its home page. Realtor.com provides an overview of the property starting with its estimated value. To check a home’s value using any of the sites is simple. Key in the property’s address and choose from the options “Buy”, “Rent”, or “Sell”. Choose “Sell”. Once this is complete, an overview of the property and its estimated worth is generated.
Homeowners should note however, that this service should be free. Once a site asks for payments in return of information, it is prudent to do it elsewhere.
- Hiring a professional appraiser
Opting for a professional appraiser is a great choice. A professional appraiser’s report presents a more thorough view of the property. From its actual value to areas of concern, this will all be present in the report.
Appraisers have two methods to determine a home’s value. The Sales Comparison Approach and the Cost Approach. Sales Comparison estimates the home value with similar properties sold in the area. The Cost Approach is used for new constructed homes. It estimates the cost of replacing the property. Depending on the property, either one of these methods will be used.
Remember, appraisers welcome inputs from the homeowner. Be sure to point out new additions and improvements, or even attractive landscaping. These all add up to the property’s value.
Factors that affect a home’s value
Most homeowners often make the mistake of overestimating the value of their home. In a study by Quicken Loans, homeowners tend to put a much higher value for their property. But the property’s real value is much lower that they estimated. This spells disappoint for a homeowner out to sell his home as he stands to earn much less than expected.
Prudent homeowners can avoid this however. And this is by knowing what factors can affect their home’s value. It includes the following:
- Details about the property and comparisons with similar properties in the area
- Overall evaluation of the real estate condition of the area
- The kind of neighborhood the property is located in
Other factors also come into play. This can include recent repairs and upgrades, structural integrity, compliance with codes (i.e smoke detectors, gas leak detectors, etc.), and even landscaping and zoning features.
All of these factors determine just how much a home is worth. Homeowners should then address any serious issues that might decrease their property’s value. A few simple repairs and fixes will do the trick and save your property from losing its value.
Sources
http://www.app.com/story/money/industries/technology/2016/01/11/online-home-value/78358262/
http://www.investopedia.com/articles/mortgages-real-estate/08/housing-appreciation.asp
https://www.washingtonpost.com/news/where-we-live/wp/2016/07/25/why-your-home-appraisal-may-be-lower-than-you-think-and-what-you-can-do-about-it/?tid=hybrid_collaborative_1_na
http://www.realestate.com.au/advice/what-is-a-property-valuation/
http://accuratemtg.com/factors-affect-home-appraisal
http://www.zillow.com/advice-thread/What-factors-affect-an-appraisal/546561/
