Home Valuation and Estimates | Complete Guide

Home Valuation

Want to Predict Accurate Appraisal/Estimate Value of Your Living Place/House?

If you are going to reconsider your property’s valuation or consider getting some loans against your property, Home Equity Lines of Credit (HELOC), or investments dealing with home equity, the lender is definitely going to ask you to furnish a home appraisal or property valuation estimate. Just like any other field of life, real estate has also developed into a fully professional field.

In order to prepare a professionally sound home appraisal report, you’ll need expert and experienced home appraisal agents. Besides, whenever you want to rent out your property or sell it out or buy a property, you will need a home evaluation estimator.

Such a professional real estate agent will help you not only get a nice house at a fair price in the right community but also help you get rid of mortgage insurance for private persons should you possess enough equity for this purpose and that’s why you need to know about a couple of websites that offer this service.

Before Hiring a Home Value Appraisal:

Whether it’s home value appraisal or simply home appraisal, you need a professional appraiser for the job. A website dealing with this subject matter could be really a handy one especially if it offers automated valuation models (AVMs). As per studies, the cost for a single-family home’s appraisal is $400 plus.

A good website, through AVMs, can help you predict your property’s current home worth. Normally all the AVMs rely on the data collected by the concerned website visitors or the data inputted by the web surfers. As such, the home appraisal value of the property may not be that much accurate, though.

The following table based on studies proves that home appraisal values even from even reputed home appraisal companies could be referred to as reference values only.

The Marginal Error as per the table could reach 30%.

Keeping in mind the above details, it’s recommended that the property sellers/buyers are supposed to visit a couple of reliable websites to get an average home value appraisal by comparing the visited sites. Besides, you can also employ lender-grade AVM and get a home value appraisal as per your own criterion.

The Three-Stop Formula for Appraisal:

Before you head to decide whether it’s you who should make your home’s value appraisal or a professional appraiser’s services should be hired, you are supposed to follow the given Three-Step method.

Search the Comps Located Nearby:

Firstly, you have to find the homes that are comparable to your home or the homes that are similar to yours in terms of size, acreage, location, floorings, number of beds, and bathrooms. You have to particularly consider the homes that have been recently sold.

Let it be pointed out that “recently sold” here means that the homes located in the areas concerned like New Jersey or San Jones for instance homes that have been sold out within the past 60 days and/or within 300 sq.ft of your home’s sq. ft

However, the closer, the better is the golden rule to get the maximum of the deal when it comes to home value appraisal in terms of location especially if the location is New Jersey or San Jose. Hereby the same location means the same educational vicinity, with the same neighborhood including the same street if possible. Personal visits to such localities is an ideal endeavor, though. Online pictures may not tell the true story like noisy surroundings, building conditions, in-ground pools,s, etc.

You can visit the local real estate sites to know the houses similar to yours located nearest to you. The prices of the houses recently sold out in such localities can give you an idea as to what’s most likely the price of your home. Besides, you can ask a real estate agent via such websites to prepare a Comparative Market Analysis for your home’s value appraisal. The analysis will give you an idea about the closest market value of your home. Your home may sell very close to that value.

Get the Per-Sq-Feet Price:

The standard parameter for measurement in real estate is square feet. So, first, you need to find a square foot measurement of your home. Then dividing the total price by the total square feet will give you the price per square foot. For instance, if the price is $60,000 for a house with a 3,000 square feet area, divide 60,000 over 3,000 and you will get the price per square foot which is $200 per square foot. You are supposed to apply the formula to at least three homes recently sold out and you will get the closest possible value appraisal for your home.

Get to Determine Your Range:

The best technique to determine your range is to get the price per square foot from the homes that you considered before. Now you can divide the total cost per square foot by the number of homes and what you will get is the average price per square foot. Taking that number as a reference value, multiply it by your home’s square foot area and the answer will give you the closest possible home value appraisal.

Tricks That Add to Your Home’s Value:

In order to get the maximum from your current properties that you can add to their value, here are some of the tricks that can do the trick.

Certain Repairs:

Certain necessary/routine repairs have great potential to add to your home’s monetary value. The repairs could include but are not limited to garage door replacement or getting the roof replaced with a new one for instance.

Certain Renovations:

Certain renovations may add to your home’s monetary value such as fresh paint etc. If you are short of cash, then hiring investment partners operating in this field can really help you renovate your home, get it sold out together at a better price, and reap the benefits from the home’s sale equally.