Property valuation helps you to buy or sell the property at a high rate. Property valuation is also important as the value changes over the time. Due to ever-changing real estate market, the price of the house may increase or decrease. You might have made some changes in your house design or structure that will affect the value of your property.
There are many methods by which I can get the estimated value of my house such as online valuation or calling the professionals from a reputable valuation company. However, you can do it by yourself. The article below can help you to find the estimated value of the house or any property.
The Assessed Value
Your property tax also affects the value of your property. Find the recent tax bill of your property, it will have a tax assessed value for the property. Then look for assessment rate that is somewhere between 80 and 90 % in most states. The assessed value is the percentage of fair market value. Therefore, you can calculate the property’s fair market price of your house, if you have the assessed value and its assessment rate.
Keep your eyes open when you want to know the estimated value of the house. Look at your neighbors and see what rate their property was being sold in the last 12 months. Note down the addresses and analyze sale through public records or via the website. Keep in mind that some websites do not regularly update the market data, therefore the price you see might be the old prices. You should also check the sale date of the property to confirm the current value of the property in your neighborhood.
Do a quick comparison of your property to estimate the current value by using this information. The value differs from the size, structure and additional things in your house. Do not ignore them while estimating the value.
Real Estate Website
There are many sites that provide free online home value estimates for your ease. These estimators are designed in such a way that they scan the data from various sources including private and public databases. The online estimator asks you many questions about your property such as its covered area, year of construction, number of rooms, internal and external home improvements, the landscaping and many other questions related to your property. Submit the information carefully to get the right estimate. After submitting the basic information, it will provide you an estimated fair market value of the house. You can also get the list of recently sold properties in your area with the resale price.
Real Estate Professionals
Real estate professionals can also help you to find the estimated value of the property. They have the access to the updated databases of private and public sectors. They keep themselves abreast of the latest market trends which helps them to make an honest appraisal. Real estate agents charge variably for their services. After getting the estimates, you can also take their help to sell the house as they are linked to many potential investors.
Professional knows the job better. They help you in your property appraisal. This is one of the best ways to obtain the accurate estimate of the house.
Techniques for Property Valuation
Valuation is based on different techniques such as:
• Cost based valuation
In cost-based valuation, the estimate of the property is based on the amount of purchase. This happens due to inactive market value or no similar property in the area is sold nearly.
• Market-based valuation
In this type of valuation, the estimates are based on the market price value of the recently sold properties. The evaluator uses the details to the previous property of similar kind to provide you the estimates for your property.
• Profit based valuation
Property-based valuation is applied to high commercial buildings such as hotels, agricultural land valuation and all other property that have earning potential. The price of these commercial buildings depend upon the covered area and location of the building. Such buildings are more expensive as compared to others.
With the help of tips and techniques mentioned above, I got the estimated value of my house. Follow the techniques to know the worth of your property.