Know The Value of Your Home

Are you curious about the value of your home? This brief guide will detail everything you should know about finding the value of your home including how to find third-party calculators, professional real estate appraisers, and the cost of a professional appraisal.

If you are planning on renovating your home, refinancing your mortgage, or selling your house, it is important to know the value. It can provide you with substantial information for various strategic financial maneuvers and knowledge about your overall financial health. For these reasons, you may wish to know what the value of your home is, the benefits of knowing the value of your home, the factors that determine the value of your home, tools, or resources you can use to estimate the value, the cost of receiving a professional appraisal, and how you can find your nearest real estate or home appraiser. 

What is the Value of Your Home?

The value of your home is a snapshot of what buyers would pay for your home and property on the current market. As a homeowner, you may have an opinion on what the value of your home and property may be. This is typically because you purchased the home for a certain amount, and you may have done maintenance, repairs, renovations, or upgrades on the house since then. Since this is the case, you may estimate the value of your home to be a certain amount higher than your purchase price. However, there are many other flavors that go into determining the final value of your home. Moreover, some of these factors may have changed since you have bought your home, indicating that your estimation may be inaccurate. It is important, then, to receive an unbiased and thorough report from a third-party about the value of your home. 

The Benefits of Knowing Your Home Value 

Many people believe that the value of a home is simply an opinion. However, if you have a professional appraisal done upon your home and property, the resulting number can bring you many significant benefits such as:

• Receiving the mortgage, you may need when purchasing a new home 

• Distributing property fairly in litigations or estates

• Refinancing for large events or for renovations 

• Appealing property taxes 

• Receiving the most accurate home insurance 

• Filing for social assistance or bankruptcy

• Selling your property for an ideal price

• Planning properly for retirement

• Understanding your assets for smart financial decisions 

The Factors Composing the Value of Your Home 

There are many ways that you can determine the value of your home, such as through personal research or web-based calculators. You can also receive a professional appraisal, which is the only way to provide a concrete attestation to the value of your home. In either case, there are numerous factors that are taken into consideration including: 

• The value of similar homes in your neighborhood

• The proximity to schools, work opportunities, essential and luxury shopping, and transportation 

• The size of your home and the amount of useable space 

• The size of your property 

• The age of your home 

• The condition of your home

• Any necessary, outstanding repairs 

• Any renovations or upgrades 

• The current housing markets 

• The state of the current economy

• The current mortgage interest rates 

All these factors are weighted against each other to estimate the value of your home. The value of each will also be compared with similar houses and properties in the neighborhood. Naturally, some real estate appraisers may take factors into account to create an accurate and fair report. 

Tools and Resources to Calculate Home Value 

If you prefer to estimate the value of your home for personal curiosity or to provide yourself with a baseline for conducting upgrades or renovations, you may wish to use an online tool. A few of the most popular resources to calculate the value of your home include:

• Omni Home 

• Federal Housing Finance Agency 

• Real Estate Calculator

• Zillow

• Redfin

• Realtor

• Real Estate ABC   

The Cost of a Real Estate Appraisal 

A professional real estate appraisal is one of the best ways to find out the value of your home. They will conduct an inspection of your home and market research and analysis to determine the value. Since this is the case, the appraisal is typically the most accurate and the report can be used for financial or legal purposes. Although the cost of an appraisal will depend on the company you hire and the amount of research they conduct, you should expect to pay between $300 to $500 for an assessment of your home value. 

The Process of a Real Estate Appraisal 

When you hire a professional real estate appraiser or your lender requests a home or property appraisal, you should expect the following appraisal process:

1. The appraiser will visit the property to inspect the interior and exterior of the home, measure each room and total home, assess the home for damages, and look at the home’s features. This typically takes around an hour but may be as short as half an hour depending on the size of your home.

2. The appraiser will compare your home to other similar homes in the neighborhood, after pulling data and market research from the area. 

3. The appraiser will write an official appraiser report which you can use for your own personal information or provide to the government, bank, or lender. 

Find A Home And Property Appraiser Near You 

If you are interested in receiving an appraisal for establishing a mortgage or refinancing your mortgage, the lender will typically find a home appraiser for you. In this case, you will not need to go through the trouble of finding and hiring a reputable appraiser unless you want a second opinion. 

For any other purposes, you should prioritize finding an appraiser who has necessary licenses or certifications from the state. You may wish to reach out to the Appraisal Institute to find an appraiser that meets their professional standards for ethics and education. Once you have found real estate or home appraisers in your area, it is advantageous to investigate their training and experience, as this can often indicate expertise. Moreover, you should make sure they have an excellent number of positive reviews or ask for their references. In these ways, you can make sure you will receive a credible and trustworthy report on the value of your home.