Four reliable tips for determining the value of your home
When you look around your home or office, the high chances are that you can tell the price of almost if not all items you have personally purchased. This is the same case with property owners. However, it’s a bit different with a home because the price changes from time to time. Regardless, property owners are often interested in the worth of their homes.
Knowing the value of your home gives you an idea of how much you could make if you sold your house, whether you will profit or lose, depending on how much you spent to get the property. If you have been thinking of selling your home, this is a particularly incredible time as you would profit significantly. The government’s stamp duty holiday is officially over, and houses’ cost has significantly improved. Therefore, you may want to take advantage of the time and the incredible prices. Regardless of the time (stamp duty season or not), before making a move, you must determine the value of your property.
How to determine the value of your home
Below are some suitable methods you can use to determine your home’s value;
Consider the general property price trends
The real estate industry is one of the hardest to predict. The property prices shift all the time thanks to elements like the state of the economy, employment rates, socio-political events, and natural phenomena. Therefore, your home’s value may change significantly within a matter of months. With that knowledge, the first thing you can do when determining your home’s value is research the overall home price trends. It is also worth mentioning that the price trends may differ depending on your location. You can harness the power of the internet to get information on the property trends in your region. You can also search for reliable real estate information sites like the Office of National Statistics.
Consider the cost at which homes have recently sold in your area
You can also determine the value of your home by comparing it with the cost at which similar properties have sold in your area. Ensure to only compare with the homes in your area because real estate prices usually differ depending on the local market. One of the best things about the real estate market is data availability online. For instance, you can quickly find the prices at which homes have sold in your area by searching online. You can get this information by visiting the Land Registry or other reliable real estate information sites. The data will give you some insight into the potential value of your home. Besides the location, you also need to find a home with many similarities to yours, like size, no of rooms, and layout.
Explore online valuation tools
The techniques above will help you find price estimations for your home. However, if you are looking for a specific valuation, online home valuation tools are the way to go. The internet features a host of online home valuation tools you can use to determine the value of your property. These tools give you more accurate designs than the two techniques above. The first thing you must do is find a reliable online property valuation tool.
The tools require information like your property’s address, postal code, size, and the number of bedrooms. They use data from various reliable sources like the Land Registry, property market indexes, and the government to accurately evaluate your property. You must also provide your email address to send the valuation report.
However, the greatest challenge about these tools is that they do not consider elements like internal modifications and extensions made to the home since it was purchased. These elements may hinder the accuracy of the valuation.
Get a personal valuation
The final and perhaps the best method is hiring the services of a personal valuator. In personal valuation, the professional will consider all the methods above and assess your home and all its qualities and flaws. The trick is to pick a reliable valuation expert, like an experienced real estate agent who understands the market’s ins and outs. You should seek more than one personal valuation for detailed results for better accuracy.
Final word
Determining the value of your property is the first step towards selling your home. It will help you determine whether to place your property on the market or put it off until the value increases. When choosing the best property valuation technique or tool, always remember how critical this process is.
