Discover the Real Worth of Your Property with This Step-by-Step Guide

Published On: February 10, 20230 Comments on Discover the Real Worth of Your Property with This Step-by-Step GuideTags: Last Updated: January 29, 20243 min read

Finding out how much the area is worth would be in your best interest if you want to buy or sell your home or property. This critical task may seem challenging if you don’t know where to start. However, there are many simple ways that you can achieve this goal.

property value

Keep Track of the Value

Now is an excellent time to start if you have yet to keep up with the value in the past. Knowing your property’s value can help you determine a fair listing price and simplify the selling process. Keeping up the area is the key to maintaining the property’s worth. If it’s been a while since you’ve done a little maintenance, the use of 6 yard dumpster may be needed to help you clean up. Once that job is completed, the value could increase if you keep it up regularly.

Online Tools

Now that you know that you have to maintain your property and you’ve done some maintenance, you are ready to determine its value. There are several ways you can get help in getting this done. For the internet and technical inclined, there are online home valuation tools. Many companies specializing in homes and home values may have these tools on their websites. Look into some of these sites and try their online home valuations.

Infographic on how to get a house appraised in 7 steps
By HomeLight Homes

Consult Your Local Realtor

Consulting a local realtor you trust is a viable option for those who want a more hands-on approach and would like to talk to someone face-to-face. It is highly recommended that you employ a realtor you’ve worked with previously. You want to be comfortable with the person looking over your property.

When determining the value of a home or property, a realtor must consider the following factors:

  • The current housing market
  • Competitive marketing analysis
  • Credit monitoring analysis (it would be difficult to sell a home or property with bad credit)

Realtors could also suggest how to improve your home’s appearance for appraisal. However, realtors can only do so much. A more in-depth look at your property’s value would have to come from a professional appraiser.

house made of dollar bills

You Could Hire a Professional Appraiser

Hiring a professional appraiser is one of the most accurate ways to determine the value of your property. This option is also suitable for those that like the hands-on approach, as you can talk to someone face to face. A professional appraiser will look at the following:

  • The current condition of your home or property
  • The state of the overall neighborhood
  • Current market conditions
  • Other similar-priced homes or properties

Three Types of Valuations

When you get a professional home or property estimate, there are three different types of valuations to consider:

  • Fair Market Value: Fair market value is all about what your home will look like to prospective buyers compared to other homes in the area.
  • Appraised Value: To determine the appraised value, a professional appraiser would have to consider the location, the size and condition of the property, and any renovations that have been done.
  • Assessed Value: Assessed value is the assigned dollar amount of your home by local tax assessors that determine property tax.

No matter how you determine the value of your property, maintenance is the key to the desired results you want. If renovations are needed, the use of 6 yard dumpster mentioned earlier may come in handy. Plenty of resources are online if you want to learn more about why property value matters

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