The price of your home can decide a lot in terms of your life plans. Not only will the current value tell you how much you can use to spend on a future home, but it will also give you the chance to refinance your mortgage or learn what investments you can make to increase the value of your home. If you are also considering transforming your property into a rental, the amount of rent you charge your tenants should be a percentage of your home’s market value.
These are a few ways to determine the value of your home without pressuring you to put it on the market to find out.
What Affects The Price of Your Home
Many things can change the price of your home, from the age and location, to what repairs are needed. So first, looking at your property, consider the condition it’s in. Is it completely updated, or are there major repairs and changes that have to be made?
From here, think about what the market is currently looking like. In a buyers’ market, your home will be valued much lower than it would be in a seller’s market. Asking ‘what is my home worth?’ can get you a different answer every day because of the market.
The area you live in can also affect the price of your home. If you live in an area with lower-valued properties or higher crime rates, unfortunately, your home will be worth less money. On the other hand, many studies have found that metropolitan areas with more greenery are often more expensive, so pay attention to the number of trees in your area for a guide.
Looking At Similar Homes
A great option to tell the price of your home without talking to professionals is to look at comparable homes that have sold in your area in the last six months. But, of course, the market shifts and changes often, so going out any further than this isn’t a great idea.
Instead, look at homes that are similar in how large they are, what amenities they offer, how old they are, and how updated they are. If you can’t find an exact match: that’s okay! Look at properties as close as you can go, and try to be reasonable. For example, if a home has an extra room more than yours, it’s going to be worth ten to fifty thousand dollars more.
Talk To An Agent or Realtor
Talking to an agent or realtor about the value of your home can be difficult because although this evaluation is free, they’ll often try to convince you into selling your home through them. This behavior can be fine if you’re planning on selling anyways, but if you’re not sure yet, this can be a pain to have to deal with.
Have It Professionally Evaluated
Paying to have an appraiser go through your property and tell you the value is the final option! Although it can cost some money, ranging between $300 to $450, this is an awesome way to ensure that you get the most exact price possible. In addition, you can often ask these professionals why they settled on that price and what changes you can make to increase the value of your home.
Your property’s value can build you up to whatever financial future you want, so make sure you’re prepared for it!