It is always useful to know how much your home and land is worth, whether it be for financial reasons, renovation plans or even just curiosity. Valuations are especially important if you are looking for a home loan on another property or if you are thinking about taking out a large loan for other reasons. Getting an accurate valuation can be difficult, even from the professionals, so going through this process may be a little trying for some. Fortunately, there are ways you can give yourself a little peace of mind before seeking professional advice – here are some tips you may want to use to estimate the value of your home and land.
Check the Build Price
If you have a recently built home, the cost of construction might give you some insight into its current value. This may be difficult if you built your house yourself, but if it was built by a building specialist like Coral Homes , they may be able to help you by diving into their reference books.
If you have a recently built home, the cost of construction might give you some insight into its current value. This may be difficult if you built your house yourself, but if it was built by a building specialist like Coral Homes , they may be able to help you by diving into their reference books.
Nearby Properties
A good way to get a ballpark figure is to research how much properties close to your home and land have recently sold for. Many factors play a significant role in influencing house prices, so it is important compare like to like. For example, the same three bedroom house will vary greatly in value depending on whether it’s on a quiet cul-de-sac or a main road, even if both are in the same suburb. Make realistic comparisons on your own first – this will help you narrow down the price range that you think you should have for your home before you are influenced by a property valuation expert or a real estate agent.
Trends
Market trends are relatively unpredictable, and can fluctuate with no warning at all. Once you have researched the prices of nearby properties, you may then need to compare this against the market trends of the time. Be aware that this may influence your valuation and if you want to sell your house, these trends may have changed again once your house is on the market.
Multiple Agents
When you eventually approach a professional for advice regarding the value of your home and land, make sure you get multiple opinions. It always pays to be cautious, as some real estate agents may have their own agendas. Agents actually tend to overvalue properties, just to get you excited by the opportunity of a sale. The average price from three or four agents might be the most accurate, and it is worth your time for this precision.
So these are just some tips you might want to take on board if you want to estimate the value of your home and land. Of course, estimation is all well and good for personal use, but you will need a more accurate value if you are making bigger financial plans. Make sure you do all the proper research and cover all your bases.
Have you had to estimate the value of your home and land? Alternatively, do you know of someone else who has? Are there any pearls of wisdom you would like to share with others who may be doing the same? Leave your thoughts down below.
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