How to Calculate Home Value
Learn how to determine you home's current value. While this is dependent on the market's current conditions, you can get an idea as to how much your home is worth.
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Instructions
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When attempting to calculate your home's value, you must take into consideration the following:
1. Your home's current condition - Is it up to code?
2. Your location and it's current market
3. The size of your home and the lot that it is on
4. How old your home is
5. Your home's local competition (other houses for sale in your area) -
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Once you've taken into consideration all of these factors, you should begin to look at how much similar houses in your area are being sold for or how much they were recently sold for. This can give you a ballpark figure of how much your home is worth.
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It is recommended that you hire a professional appraiser to come and appraise your home. You are guaranteed to get the actual price your home can be sold for and not some fantasy number. You can also use a home value calculator [see my resources below] as well, but again, it may not be as accurate to your local area.
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Tips & Warnings
Be realistic. Don't butter up the numbers because it makes you feel better. If you have to second guess something, be honest to yourself and go with that.
Hiring an appraiser can be really helpful. He/She may know things that can be issues when selling a home that you're not aware of. He/She can probably make great recommendations on improvements to your home to get it's maximum possible price.
If you self-appraise or estimate your home's value, don't be surprised if your actual value is lower or higher than your number.
