- Real Estate
How to Find Out the Value of Your Home
Purchasing a home is one of the most important financial investments you can make. Owning your own house can give you a sense of security as well as a place to call home. Knowing the value of your home can help you in many ways, including determining when you can afford to retire, how to negotiate property tax assessments or what improvements you should make to your home. You can discover what your home is in several easy ways.
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Determine the value of houses in your neighborhood.
Pay attention to what houses are selling for in your neighborhood. Realtors can give you this information, or you can examine the materials offered in the house itself. Many realtors’ websites also offer this information, and you can often find housing rates sorted by zip code and neighborhood. The value of your house is likely comparable to the value of the houses around you, so knowing what houses around yours are worth will help you determine the value of your own.
Attend open houses.
This will also help you determine the value of your house by offering information about houses comparable to yours. Real estate agents invite people to open houses in specific neighborhoods, so check your local papers, flyers, and other advertisements for open houses in your neighborhood. Check the values of these houses and consider their similarities to your own house.
Contact your local city hall.
City halls keep information on how much houses sell for in specific neighborhoods or areas of the city. Contact your local city hall and inquire about houses in your area of comparable size and upkeep. You may have to pay a fee to get this data, but it is worth the price to receive in-depth information that will include square footage, property taxes, specific amenities, and age and condition of houses near yours.
Check the value of homes near yours online.
Many online websites will give you real estate values in your neighborhoods. Some sites will allow you to input specific information about your house to generate a calculation of an approximate value. In addition, some sites such as Zillow.com provide information on housing trends and projections for future home values as well as advice for purchasing a home and managing a mortgage.
Using a combination of the above strategies will help you determine the current rates of houses similar to yours, and therefore will let you approximate the value of your home.