If you are planning to sell your home, you must know the home’s real value to establish a sale price with room for negotiations. Understanding your home’s value means consulting with an appraisal specialist and real estate professionals. You should also have an idea of your home’s current value even if you are not planning to sell.
You may have plans to refinance or take out a loan for improvements and renovations. You need to know how much various improvements will upgrade the value of your home in comparison to other homes in your area. The competition from new residential construction will also affect the value of your home. The addition of a new school or shopping area may increase your home’s value.
You may have received a property tax increase or your homeowner’s insurance may have increased as well. You need to know why there is this increase relative to your property’s current estimated value.
There are several ways to determine an estimate of your home or condominium’s value.
- Look at listings online for other comparable homes in your immediate neighborhood.
- Check records on actual sales of homes or condos in the neighborhood.
- Visit an open house for a comparable home in your area.
- Consult with real estate professionals for an appraisal report.
A home improvement loan may be necessary if you are adding a room, a new roof or a new HVAC system. These will add to your home’s value. The financial institution will evaluate the improvement cost in relation to the home’s increased value.
Changing a bedroom into a study or media room, adding new floor covering, painting, modernizing a kitchen or bathroom, new landscaping for curb appeal and other improvements will also add to your home’s value. You need to know approximately how much these improvements will change your home’s potential market value.
Click here to get a personalized home value report from a real estate professional in the Triangle. This is a growing region where homes are in high demand. Your home may be worth more than you realize and this is a great time to make a move!