How to value your house

How To Value your home

Valuing your property before you put it out on market is very crucial. 

Pricing your property for sale or for rent is entirely determined by the owners in most cases but you have to remember pricing too high may chase away potential clients and to low may lead you into avoidable losses. The value of your house has to be suitable, below are some points to note;

Do your own local market analysis In most cases within your area there at least few people who have sold or bought a property, check how much others have sold or bought their properties, if possible have a chat with them about the price. A point to note, just because the property next door sold at a certain amount doesn’t mean yours should sell the same.

Contact a Local Real Estate Agent for little or no cost, they will be able to give you a clear picture on how much to value your property depending on their reliance on the recent sale value of comparable properties. Local agents always have many properties in their database for you compare the prices.

Check Public Records like property transfers, mortgage value, and tax assessments.

Factors which determine your property’s value

How to value your home

1.     Location – properties that are within or near cities tend to be worth more than ones in rural areas.

2.     Neighborhoods – your property will attract more client thus more value, if it is close to a beautiful view, shops, restaurants, gym, clubs, good schools, or a major highway.

3.     House features and condition – bigger and cleaner property with more bedrooms, bathrooms, and usable living spaces may command higher prices.

4.     Supply and Demand – The local real estate market has a bigger impact on property values. If there’s a high demand for homes in your area and not enough supply, your home’s value may go up, and vice versa. What similar houses in your area are currently selling for is a good indicator of how much your home is worth.

Join The Discussion