Securing a mortgage is a significant step in the home buying journey, and avoiding common…
When it comes time to sell your beloved home, you want to get the best price in the sale. After all, the property has been your home. If you put work into it through upgrades and repairs, you probably have an even stronger attachment to it. Read on for valuable tools that can help you determine your home’s value.
Tax assessment: Your county or city will conduct a property assessment periodically to determine your home’s value. You pay property taxes based on that value. This information is public record, making it a great way to find out more about the value of a property that you are interested in purchasing as well.
Comparable homes: Your real estate agent can help you find comparable homes to price yours competitively. You want to look for houses that are in the same or similar neighborhoods (closer is better) and the same or similar size. This can include square footage and number of beds and bathrooms. Look at the actual sales price, not the price of homes that have not been purchased. You want to know the amount that buyers have actually paid, since this can tell you a lot about your potential buyers.
Independent appraisal: Some mortgage companies require that you get your property appraised during the purchase process, but you can also pay for this service ahead of even listing your home for sale. A trained appraiser will take photos of the interior and exterior of your home, look at any upgrades or special features, and research comparable homes in your area. You will be provided with a value and report of the appraisal.
It is important to know the value of your home for a variety of reasons. As a homeowner, you should be paying the correct amount in taxes and have the appropriate amount of insurance to cover your home. When you are ready to sell, knowing your home’s worth will help you get the best sales price without having your home sit on the market for too long.