Here are easy ways to check for how much your house is worth in the market. By following these simple tips, you easily get a fair evaluation of your house worth.
1. Make a self evaluation of your own home.
Create a checklist of the contents of your home. Work in a room by room fashion. Start with your living room. Do you have a plasma TV? Maybe you’re a collector of mahogany made furniture? How about the area rugs you use, are they imported? Then sweep the other rooms too. How many rooms does your house have? Do you have a library room where you collect classics and other novels? What about your kitchen? Do you use expensive branded cookery and bakery equipment? What about your garage? What’s its capacity? List down items you think that would be of value to others.
2. List down the upgrades you made in your property.
Did you add pool in your house area? If you did, this means you’ve also installed a watering and filtering system. What about landscaping? Did you hire someone to work on your yard or garden? Maybe you had arrangements to have an extension room built? Have you added a water tank to you home? These are just a few renovation examples that owners do to their property. Write all of these adjustments down because they add value to your house.
3. Request for a market analysis report from your local real estate office.
Get first hand information of properties that have been sold in your area. Learn the specs of these houses and the price range they were sold. What amenities did each house offer that attracted buyers? Did these amenities become a factor that raised the value of the house?
4. Conduct your own research of recent houses sold in your area.
Ask nearby neighbors and friends regarding tips for pricing and ideas what a house would cost in your area today. Their feedback will give you an idea or estimate how much your house would cost. Try scouting open houses in your area and compare prices.
5. Purchase a local Sunday newspaper.
Browse to the real estate pages of the newspaper. Look up the residential section. Jot down the figures you see. Does it come near the pricing information you’ve gathered from the market report? Does it agree with your own research estimates? Having three sources of price comparison will give you a good judgment of how much your house would cost.
6. Have your house appraised by a professional appraiser.
Get a reference for a licensed appraiser from your local real estate office. Doing this will give you a fair evaluation of your home market value. Have your appraiser review your house as well as the neighborhood around it and the demographics of the area. If you can’t get a decent appraiser from your real estate contacts, try searching online or look at the yellow pages. Call 2 appraisers and have them appraise your house in two separate occasions. This way you have a fair idea of your house market value.
