Ever wondered how much your house is worth? You may want to figure out the value of your house even if you aren’t looking to sell or redecorate. Sometimes it just helps to learn how the professionals do it so you can be sure you’re getting the right price.
Here’s the inside secret to valuing your house like a professional:
The easiest way to figure out the rough estimate for your house is online research. If you live somewhere crowded, like a big city, this is much easier because there is so much data available for where you live. You can check an online house price calculator or refer to the government website that lists property deals in your area. Bear in mind that the average house price in your area will not apply to your house in particular. You may have to consider minor details like the state of the property, the age of the building, the amenities you’ve built in and the investments you’ve made over the years to see if your house is worth more or less than average. A better way to figure out the true value of your property is the ‘rebuild’ method.
The rebuild method is straightforward - it assumes you’re building your house all over again from scratch to see how much it’s worth. You can hire a surveyor to give you a clear estimate or simply put numbers together yourself. Check local land prices, the costs for building materials used in your property, and the amount of labour charges applicable to a house your size. Add all that up and depreciate the final value based on age. This is the ‘rebuild value’ of your house. Of course, you need to account for every structural change you make and the changing property prices as you update this value every year.
Ask An Expert
The last step may seem expensive, but it doesn’t have to be. You could reach out to a property insurer or estate agent and tell them directly that you only want a fair value for your house. A professional house valuer can also do this if you need to know how much the house is worth for legal, insurance, and taxation purposes. If you get the right sort of estate agent you could get a valuation for free if you promise to sell through them in the future.
These are just some of the ways you can value your property before deciding to sell your house fast. If you enjoy working with numbers and data, get started with your local area and research as much as you can. If you need to value your house for official reasons, it’s best to reach out to an expert. Either way, it’s important to know the true value of your house. Your residential property is likely to be a massive part of your family’s net worth.
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