If you are looking to sell your house or wondering whether or not now is the right time, knowing how much your house is worth is essential.  

The difficulty, however, is working out the actual monetary value of your property and being mindful of the fact that regardless of your home's condition, its value will be heavily influenced by the housing market as well as buying demand. 

- __Related:__ [15 home renovation ideas to boost your property's value](https://www.lendi.com.au/inspire/design/home-renovation-ideas-to-boost-property-value/) 
- __Related:__ [How do property valuations work? ](https://www.lendi.com.au/inspire/finance/how-do-property-valuations-work/)
- __Related:__ [Can you refinance if your property reduces in value?](https://www.lendi.com.au/inspire/finance/can-you-refinance-if-your-property-reduces-in-value/) 

## How much is my house worth?
The quickest way to calculate how much your home is worth is to get a [property report](https://www.lendi.com.au/property-report/). 

Property reports detail important information such as: 

- A price estimate guide 
- The property's sales and rental history 
- Additional property information such as the property type, size, build date and the number of bedrooms, bathrooms and car spaces 
- Photos and floor plans.

If you are applying for a refinance, you may be required to get a [property valuation](https://www.lendi.com.au/inspire/finance/how-do-property-valuations-work/).

Property valuations are done by qualified property valuers who may work with or independent from banks and lenders.  

%%Get a free property report in seconds%%

## What are the benefits of knowing the value of my property? 

Getting a more accurate idea of the value of your home allows you to be in a much stronger position to make educated financial decisions. Here are just a few benefits of knowing the value of your property: 

- You can determine how renovations and home upgrades add value to your property 
- You get an indication of your home equity, which you can cash out to fund another home purchase, go on holiday or carry out renovations, for example 
- If you’re interested in selling your home, knowing its value can guide you in setting an advantageous but fair price 
- You may be required to know your home value to carry out a refinance. 

Calculate how much home equity you could potentially access to fund your next goal. 

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## How is my property's value calculated? 
There are many variables that can affect the value of a home. Here are 5 factors that play a role in determining your property’s value: 

## 1. Housing demand
Your property’s value can fluctuate based on housing demand. For example, you might see its value shoot up when there is a shortage of housing in your area and a high demand. This is also known as a ‘[seller’s market](https://www.lendi.com.au/inspire/property/what-is-the-difference-between-a-buyers-and-sellers-market/)’.  

On the flip side, if it’s a ‘[buyer’s market](https://www.lendi.com.au/inspire/property/what-is-the-difference-between-a-buyers-and-sellers-market/)’, where housing supply exceeds demand and there is lower competition for housing, this might drive your property’s value down.  

## 2. Local real estate prices
Another factor that can impact the value of your property is the value of others in your area. 

Look at other properties in your area that are around the same size and have sold recently to get a better feel for your own property’s worth as well as how active the local real estate market is. 

![sydney-rocks-harbour-bridge](//images.ctfassets.net/o2gysnvd04sg/38kStJB2HYK8UYYaQGgwCk/e0e1db40ed31338cf587e8130e864ce2/sydney-rocks-harbour-bridge.jpg)

## 3. Location

A property's value is greatly influenced by its location.  

Generally speaking, properties that are in or around capital cities, near popular coastal areas close to good schools or in close proximity to public transport may be valued higher than those in more remote areas. 

While you cannot change the location of your property, it is important to be aware that the desirability of certain areas can change with time. So, your house could potentially be worth more now than when you first purchased it. 

## 4. Property condition

The better condition your property is in, the better for its value. 

This includes aesthetic elements such as the paint job, hardware such as faucets and doorknobs and curb appeal, but this also includes how structurally sound the property is.  

%%Calculate your equity in 15 seconds%%

![house-layout-sliding-doors](//images.ctfassets.net/o2gysnvd04sg/5diu5rrf2EEMGGcCmMqMKw/5eee65b42e5de771844f362a6c074b55/house-layout-sliding-doors.jpg)

## 5. Size and layout
The size and layout of your house also plays a key role in determining its sale price.  

A property with multiple bathrooms, bedrooms and car spaces, a cohesive layout and lots of storage will usually be valued at a higher price.  

Understanding your property’s value is crucial if you’re interested in selling your property or accessing your equity.  

%%How much is your property worth?%%

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## Got a home loan question? Just ask! 

We're here to help. Get free expert advice at a time that suits you. Choose a time to [chat with a Home Loan Specialist](https://www.lendi.com.au/book-appointment/). 

The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

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