When you have been living in the same house for many years it can be hard to know what it is really worth. The truth is that house prices generally rise and, if you have been looking after or even improving the property, it could be worth a lot more than you paid for it.
In general, people are only interested in the value when they are looking to remortgage or sell. In both cases, you need to know the fair market value to facilitate a new finance deal or get the best possible asking price.
Fortunately, there are several things you can do to find the value of your home without listing it with an agent.
Speak To A Professional
There is no harm in telling a real estate agent that you are thinking of selling and you want to know what your home is worth. They will visit your home and give you a price that they think it will sell for. Of course, they have a vested interest in selling your home and making some money. That means you should check with more than one professional.
Speaking to a real estate auctioneer can be an excellent way to verify the price. This is also a good option if you choose to sell.
Another approach is to enter your property into an online valuation tool. These generally ask for your address and an array of details about your home. They will then provide a value based on other houses in your area, what they have sold for, and the mean price.
This can give you a good guide price. However, unless every house in your area is identical, the provided price can fluctuate. After all, when you do things to improve your home, such as decorate, add a bathroom, or even extend the home, you are increasing the value of the property.
Check Your Area
If you prefer, you can check your area yourself. This starts with looking around the neighbourhood and identifying properties for sale. You can then check the selling price and compare each house to yours. The one that is closest to your style and size is going to give you the most accurate price.
Of course, there are always variables, make sure you know the differences and how they can affect your house value.
You may not have realized it but there is such a thing as a professional appraiser. Their job is literally to value your property and they frequently do this for mortgage companies and other financial organisations. They will also do it for individuals. They are highly trained and will take into account all the different aspects of a property before delivering a price. This is the most expensive way of getting a value for your home but also potentially the most reliable.
The key is to investigate several options and remember that the true value is what someone is prepared to pay. The higher the price above this value the longer you’ll have to wait for a buyer.