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.
The quickest way to calculate how much your home is worth is to get a property report. Each report includes a price estimate guide, the property's sales and rental history, and additional real estate information. Best of all, our property reports are free.
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Once you've an accurate idea of the value of your home, you are in a much stronger position to make educated financial decisions. You might want to renovate to add value to your home or purchase an investment property. It is common for property owners to fund these moves by accessing equity in their existing property.
There are many factors that contribute to determining the value of a home. If you are interested in finding out your house's value, here are 5 things you may want to research and consider.
Your property will be worth more if there is a shortage of housing in your area, and a high demand for it. The downside is that selling your property when there is a lack of buyer interest or too many other houses on the market will result in an overall lower worth.
Looking at other houses in your area that are around the same size and have sold recently is a great way to get a feel for your own property’s worth as well as how active the local real estate market is.
It is important to be objective when comparing your property with others in the area, as otherwise you may think that your property is worth more than it actually is. Moreover, be careful that you are using local selling data from no more than 3 months ago, and if the market is busy be aware that 3-month-old data will be outdated.
A property's value is greatly influenced by its location. Generally speaking, a house near the CBD, in a popular coastal area, close to good schools or with easy access to public transport will be of a high value.
While you cannot change the location of your property, it is important to be aware that the desirability of certain areas can come in and out of fashion, so your house could potentially be worth more now than it did when you first purchased it.
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The better condition your property is in, the more value added to your property. This does not just account for the external condition of your house (e.g. flaky paint), but also includes how structurally sound the property is. Reducing cracking, having strong floors and archways and a secure roof are assets that make up a valuable property.
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The size and layout of your house also plays a key role in determining its sale price. A property with more than one bathroom, multiple bedrooms and a cohesive overall layout will usually be valued at a higher rate. In saying this, many buyers will choose location over size and layout, however it does depend on the demographic interested in the property.
Understanding your property’s value is very important when the time comes to sell your property or accessing your equity. Being aware of the factors that influence your home's value is essential.
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