Whether selling, buying or purely for the curious, it is good to know the value of a home. You can’t There are various factors that can affect the price of a home and numerous ways to check what a home is worth.
Reasons to Check Your Home Value
Most people check the value of a home in order to know what a reasonable selling price would be for the house. Others might need to know the value of a home in order to be able to take out a second mortgage or get credit from another source. Another reason to know the home’s value is to understand how much tax is applicable.
Factors Affecting Home Value
The location is the most important element in determining the value of a home; surrounding houses will affect the price of a home. The type of home, whether freestanding, townhouse, apartment or penthouse will affect the valuation as each has different characteristics. The features of the home – the amount of bedrooms, bathrooms, living areas – has a considerable impact on the valuation. Additionally, luxuries and finishing’s inside and outside the house may affect the value. These are items such as the size of the garden, type of flooring and walling, and other features like swimming pools
Checking Your Home Value
An individual wanting to know the value of a house has two main options:
Have a realtor establish the value of the home
This is a good option if a relatively accurate home valuation is required. A realtor or estate agent will visit the home and then make an appraisal based on the factors previously mentioned. Some realtors will charge a fee for the appraisal. However, the fee may be waived if the realtor then sells the house for an individual. Realtors are generally accurate with a valuation but it is still a matter of personal opinion when it comes to the valuation.
Find the estimated value of a home online
The internet has opened up the abilities for companies to share estimated property valuations. This is possible as many different people contribute to publicly available data on home prices. Many websites are now available to help a person check the price of a home. Some of these are:
The valuations on these websites are based mostly on the location and features of the property. The websites will consider other similar homes in the area and combine that data with the data provided by a specific person for a specific home. An estimated valuation will then be provided.
It is important to note that the online valuations are only estimates and cannot replace a realtor’s valuation. The online estimates do not consider the actual condition of the home as it is not seen as a separate entity but rather considered within the community of homes. It is also advisable to get several different valuations and then take an average valuation to be most accurate. If you need expert help to check your home free and quickly than contact Custom Realty Solutions, LLC and we will be able to help you right away!