How and why you should estimate the value of your home
The value of your home is important when you are buying it, refinancing it, or selling it. The rest of the time it may be of interest but it’s not especially relevant to your life. Of course, knowing your home value can help to ensure you get the best possible deal on home insurance and other financial expenses. It’s always worth saving money on these things, if you can.
Determining your home value
There are five simple ways you can determine your home value:
Valuation tools
Visit most house finance websites and any dedicated house value site and you’ll find calculators that tell you the value of your home. They base the valuation on recent sales prices in your area and the size and condition of your home.
Use a real estate agent
It can seem obvious but asking a real estate agent is a great way to get your home value. Of course, this doesn’t work if you’re buying. But, if you’re selling or just want the value the estate agent can help. They’ll have professional knowledge of the houses in your area, what they sell for, and how yours compares. It should be an accurate value.
House price index
The FHFA has an index which uses a repeat sales method to identify the value of any property in the country. It’s not always the most accurate abut it will give you a good guide price.
Look at other properties
You can mimic the real estate agent by looking at the prices of other properties in your area. Comparable properties should go for similar prices. Just remember that the selling price often factors in a little negotiation, your home value may be slightly lower.
Professional valuation
You may not realize it but there are firms that offer professional valuations. They’ll work out the value of your home based on the actual condition of your property and several other factors.
In conclusion
It’s a good idea to find out your home value periodically. It will ensure your home remains and investment and allow you to work out your financial position. That’s important whether you’re buying, selling, refinancing, or planning for retirement.
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