Tips from a Valuer
Hiring a professional RICS registered property surveyor is the most accurate way of calculating what is the fair market value of my house. If you’re happy to crunch the numbers yourself, you can figure out your home’s approximate value by analyzing the sale prices of similar homes that have sold in the past six months in your street or nearby vicinity.
Do an Internet search for recently-sold homes in your area
Rightmove and zoopla publish recently sold house prices and this can be seen by entering your address and neighbouring property prices will be displayed with their transaction date.
Understand the Features That Drive Value
Valuing a home is not always precise, but professional home appraisers take a number of key features into consideration when determining what is the fair market value of my house. These include the property’s age, size, internal square footage, the number of bedrooms and bathrooms, heating type and its condition, local amenities and overall condition. Location is critical, since homes in a good neighborhoods with low crime rates and good transport links tend to have a higher value than homes in less desirable areas. in the first instance is to list your homes benefits and downsides against properties currently on the market and that should give you a rough guide of where to price your home.
Rightmove,Zoopla & other portals . You can view the homes up for sale and see the section for information on recent sales. Bear in mind that you might not get all of the information you need solely from the internet. You’ll probably still have to contact a local agent who can advise on current market conditions.
Check Out the Neighbors
Researching similar homes for sale in your area can give a good indication of how much your home might be worth. Use property websites to look up properties that are roughly the same size, construction, age and style as your property and have the same number of rooms, layout and other features. Make a note of how quickly these homes sold and at what price. Ideally, you’ll need to find four or five comparable homes or “comps” that have sold or been listed within the past six months.
Consider Your Home’s Special Qualities
While it gives a baseline valuation, it doesn’t take into account the unique characteristics that could raise or lower your home’s value. Upgrades such as a new bathroom, kitchen or siding tend to add value; conversely, it’s likely that a home in poor condition will have a lower value than a well-maintained property. There’s usually a wide variety in prices per square foot based on these factors. Ultimately, you have to decide whether your home is worth more or less than the average price in your neighborhood.
Go Down the Traditional Route
If you want to sense-check your figures, ask a real estate agent to run a comparable market analysis. This detailed report is similar to your analysis, but a real estate agent has access to more comprehensive selling data such as available properties, pending properties, expired properties and typical days on the market. This data should translate to a more accurate valuation report. For a definitive valuation, contact a professional home appraiser to find out what is the fair market value of my house. They are the only professionals that banks and lenders rely on to provide opinions of a home’s fair market value.