How You Can Determine the Worth of Your House 


Share on facebook
Share on Twitter
Share on Google+

 You have finally constructed your house and want to put it out for sale. However, you wonder how much you should sell your home. You may sell it for a low price and short change yourself. Or you could charge expensively and scare away potential clients. It is also crucial for a buyer to know its worth before buying it. After all, some sellers are out to exploit their clients. To determine your house’s worth, here are five tips to consider.

 Work With n Estate Agent

in the US, agents use the Comparative Market Analysis (CMA) tool to determine a home’s value. CMA estimates the price of your home by comparing it with other homes similar to yours in your area. The tool also helps realtors determine how fast your house can sell.  For the tool to determine the price of the house, it considers parameters such as location, number of bedrooms, recent sale price, size and home type (cottage, apartment and so on). Before the realtor can prepare a CMA, they must consult house listings services.

Hire an Appraiser

Getting an appraisal is compulsory for the buyer but not the seller. It is still essential for the seller to get an estimate so that they are not in doubt about their home’s cost. According to Fixr, you can expect to hire an appraiser anywhere from £300 to £400. Compared to realtors, appraisers give a thorough estimate of your house by visiting it and comparing the sale of previous homes in the region.

Similarly, appraisers use a checklist to determine your home’s value. However, their checklist is a bit more detailed than a realtor’s. For instance, they consider: 

 • Whether the house has amenities.

 • Whether the house was recently repaired or renovated.

 • When the house was built.

 • If the house is located in an area prone to flooding.

 • The state of the appliances in the home.

 • The foundation of the house.

Before hiring an appraiser, ensure they fulfil the Appraisal Qualifications Board (AQB) requirements.

Research About Trends on General Houses

The best way of estimating house costs is by looking at data collected by statistics bodies online. They will likely have information on all the houses sold within a year. From the data, you can also locate homes similar to yours. 

Besides checking their selling price, consider the year the houses were sold. For example, a house that sold for £250,000 in 2020 will likely not be the same price in 2022. Based on this information, you can choose to sell your house at a slightly high rate. Generally, people expect house prices to go up.

Use Online Valuation Tools

Sometimes you may not have the money to hire an appraiser or realtor. An inexpensive way of determining the value of your house is by locating online valuation services. All you will have to do is provide them with information about your home, such as your address and the number of bedrooms.

Online valuators research the sale of houses in your area. They then send this information to your telephone number or email address. Therefore, it is best to use online valuation tools if you are curious about your home’s value. However, if you intend to sell it, then online valuation tools will not be so helpful. For instance, they do not visit your home to check it since they only base their findings on previous house sales. 

 There are many online valuation tools, so use as many as possible. After that, compare the prices and go with the dominant estimated figure.

Conclusion

Knowing your home’s worth saves you a lot of trouble. However, it is even riskier for a buyer to be ignorant of house prices. For instance, you may sell a house at an exorbitant price only for the buyer to find faults with it. As a result, you will be forced to do their repairs or potentially face a lawsuit. 

As for the tips above, do not restrict yourself to one only. Some people only rely on online valuation tools and ignore the other methods. The point of using these tips simultaneously is to ensure the house estimates tally with each other.

 

Ref : THSI-2650  / ZD. 23758

Share on facebook
Share on Twitter
Share on Google+

Subscribe To Our Newsletter