How Do You Find Out The Value of Your Home?

Whether you’re considering selling your home, refinancing your mortgage, or simply curious about your home’s worth, it’s important that you understand its value. Knowing the value of your home not only helps you make informed financial decisions but also helps you negotiate more effectively with potential buyers.

But how exactly do you find out the value of your home? That’s what we’ll be exploring today.

Read on to find out how you can find out the value of your home, as well as the parts of your home that factor into its value.

The Importance of Knowing Your Home’s Value

Knowing the value of your home is important for a few reasons. Firstly, it gives you a clear picture of your financial position, with your home most likely being one of your largest assets. Knowing its value will help you understand your financial situation better.

Secondly, if you are thinking about refinancing your mortgage to a new loan with a lower interest rate, it may be a good idea to get your home revalued – if your home is valued higher, you might qualify for better refinancing deals.

Finally, if you are thinking of selling your home, listing it with the most accurate price will benefit you more. Pricing too high can push away potential buyers, whilst pricing too low can lead to you missing out on profit.

How to Find the Value of Your Home

There are a few ways that you can accurately find out the value of your home:

Home Valuation Tool

If you want to get a quick valuation of your home, a home valuation tool is perfect. You can find the value of your home in minutes.These tools can estimate your home value by using publicly available data such as the location, property size, and recent sales in the area.

It is important to remember that this is an estimate and the tool may not factor in the unique features of your home.

Pros

• Quick and easy to use with instant estimates
• Accessible – you can access these tools instantly
• Free to use

Cons

• May not factor in any recent upgrades you have added
• They don’t give personalised data

Other Listings in Your Area

You could do your own research and look at other listings in your area to get a rough image of what your home could be valued at. If you research the recent sales of similar properties, you can get a better understanding of the current market trends in your area.

You should look for homes with similar features, sizes, and conditions to get a more accurate picture of your home’s potential value.

Pros

• Provides insights into market trends
• Helps you to determine the competition if you are looking to sell your home
• You can do it independently

Cons

• Can be time-consuming
• May not factor in your unique features
• Limited to publicly available information only

An Estate Agent

Utilising an estate agent with professional knowledge of the current market trends and recent sales data may be your best option if you are looking for the most accurate home valuation.

Estate agents are able to give you a personalised valuation where they factor in things such as your home’s condition, any upgrades you may have added and any unique features your home has that others in the area may not.

Estate agents can provide valuable advice on listing your property and preparing it for a successful sale that will provide you with the best possible profit.

Pros

• Offers a more personalised and accurate valuation
• Knowledge of the local market
• Saves you time and energy
• Can give valuable information on how to sell your property

Cons

• You will have to schedule an appointment – you can’t access it instantly
• Agents may charge a fee

How Is a Home Valued?

A home is valued by the following factors, such as location, size, layout, condition, and any upgrades or extensions.

Location

The area of the home – including how close it is to schools, public transport spots and shops – can determine how much your home can sell for. If a home is further away from amenities, it may be a little lower than it would be if it was closer.

Additionally, the safety or reputation of the area or neighbourhood, and whether the area is clean, can determine the value of a property. This all comes down to the quality of life – having a home in an area that is accessible to everything you need is higher in demand, meaning a higher market value.

Size and Layout

Having a larger home with more rooms and living space can accommodate growing families or extra rooms for hobbies, meaning, of course, a higher value. However, a well-designed layout is beneficial for maximising space and practicality making the home more appealing and therefore valuing higher.

Condition

Are there parts of the home that are outdated and may need upgrading? Homes that typically may need more work may be valued a little lower compared to those that don’t. This is because the potential buyers may need to factor in maintenance costs.

If the home has been looked after over time and has been kept in good condition, this can appeal more to buyers as it shows that the home has been cared for, and less work will need to be done to bring it up to standard.

Upgrades

If you have added upgrades such as extensions or a kitchen renovation, your home may be more likely to be valued higher. This is because it increases the aesthetic value of your home and also the functionality. Buyers are more likely to pay more for a home that has been well-maintained.

This is more convenient for buyers as it reduces the need for immediate repairs or renovations as the home is more ‘move-in ready’

Thinking of Selling Your Home? Liam Gretton Can Help

Here at Liam Gretton, we pride ourselves on our knowledge of the housing market and we would love to help you too. We can evaluate your home for you and give our expert guidance on the best way to sell your home and maximise profits.

We were voted in the top 5% of estate agencies throughout the UK. This is because we put our clients at the heart of everything we do and we will make sure you get what you need, whether that is buying your first home or selling. We can help.

We have a range of properties listed on our website, you will be sure to find your dream home here at Liam Gretton. Contact us today and we can help you with any of your property enquiries and any additional information you may need.

We are dedicated to giving clients a 5-star service and we will help you to make the process of selling your home easy and stress-free