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Is Your Home Worth More Than You Think? Find Out With These Simple Tips

There are so many factors that go into determining the value of your home when you’re ready to sell. Is it in a desirable school district? Is it on a main road, or is it tucked away in a corner off of an alleyway? Does it have great curb appeal, with lush landscaping and quality architecture? If you’ve owned your home for some time and feel like you don’t know much about its value, fear not. Whether you’re looking to sell soon or simply curious, there are several tips and tricks that can help you get an accurate sense of what your home is worth right now.

Know what is included in your home’s value

When determining your home’s value, you should know exactly what will be factored into that number. For example, if your roof is due to be replaced, and it’s an essential part of the home’s structure, that likely won’t be deducted from the home’s value. However, if it’s simply an aesthetic choice, it will be factored in. Similarly, if you have a pool in your backyard, that will also be factored into your home’s value. It’s important to know what will be considered when deciding how much your home is worth, so you can make sure to account for necessary repairs.

Estimate the value of your home yourself

Before you enlist a professional appraiser, you can get a general idea of your home’s value yourself. Start by finding three comparable homes in your area. Ideally, these will be similar in size and square footage, as well as condition. Once you’ve identified three homes to compare your home with, jot down the address, the square footage, and the price each of those homes sold for. By comparing these three homes to your own, you can get a generalized idea of what your home is worth. However, keep in mind that this is only a rough estimate and not a reliable method to determine the exact value of your home.

Hire a professional appraiser

You can hire a professional appraiser to give you an accurate estimate of your home’s value. The appraisal price will likely be added to the sales price of your home, so you can deduct that amount from the sale price to determine your profit. If you need a loan to purchase another home, you’ll need to provide an appraisal of your home’s value. Additionally, if you’re looking to refinance your home, lenders will often ask for an appraisal as well. By hiring a professional appraiser, you’ll get a detailed breakdown on the cost of repairs your home may need.

Ask your real estate agent for an opinion

If you don’t feel like hiring a professional appraiser, you can always ask your real estate agent for an opinion. Most agents will gladly give you an idea of what they think your home is worth. However, keep in mind that they’re also likely trying to sell your home, so they may have an optimistic view of the value. Make sure to ask them to base their opinion on comparable sales in your area. If they have nothing to go off of, they likely won’t be able to give you a very accurate estimate.

Conclusion

At the end of the day, there’s no exact way to determine the value of your home. There are many factors that go into that number, and each of them are likely to be unique to your home. There are, however, a few ways you can get a general idea of what your home is worth. With these tips and tricks, you can get a better sense of what your home is worth, whether you’re considering selling or not.

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