Are you looking to sell your house and wondering how much money you can expect from your sale? Are you curious about the equity of your home? Are you interested in learning the true market value of your home so you can make smart renovations?
Finding out the current market value of your home is easy, and the result of this research is making smart homeowner decisions.
Most real estate agents look at comp homes, or comparable homes, in your neighbourhood to begin figuring this number. Houses that have sold in the last 6 months tell how much buyers are willing to pay for properties in your area. Comp homes take into consideration location, the condition of your building and property, the square footage, and amenities that the house offers.
This article will offer the steps to finding the value of your home so you can make the best choices for your property, maximising your investment strategies.
First, you will need to find three properties that have sold in your house’s neighbourhood, ideally within a quarter of a mile of your house. These neighbouring houses must be similar to your house in terms of numbers of rooms, acreage, bathrooms, pools or garages, and updates. These houses must also have been sold within the last 6 months or so because the housing market can change quite rapidly.
To find recent sales look through public records, like the Land Registry, and the sold listings. Rightmove
are two online sources that post houses that have recently sold. Simply look up recent sales in your neighbourhood that closely fit the description of your house.
After finding several, at least 3, divide the sale price of the comps in your area by the square footage to get the price per square foot of the comp homes.
Once you know the price per square foot of the comp homes you multiply that number with the square footage of your home. This number is roughly what we can presume buyers value your home to be worth.
With this same number you can add in or subtract garages, acreage, and other amenities.
This method is a good way to get a rough estimate of the value of your home. However, if you are set on selling your house and want to sell it fast, Doorsteps agents offer a property analysis report and a more accurate valuation included with the basic £99 agent fee.