Whether you plan to refinance your home or list it for sale, the one thing you need to do is find your property value. Property value is based on several different factors, and it will benefit you to understand exactly how the process works.
The home's exterior condition is one of the main factors in determining a property's value. If the exterior paint is chipped, the shingles are in need of repair, and the outdoor area is untidy, the value of the home is going to be affected.
Your property's value is also influenced by the condition of the interior of the home. The square footage of the home is taken into account when the valuation is done, as well as the number of rooms and upgrades done. However, when all appliances are functional, yet out-of-date, flooring needs replacement, and repairs are needed, the value of the property is going to decrease.
Location of Property
The value of a property is also dependent on its location. Private properties may have a higher value than those located in a commercial zone. The more prestigious the neighborhood is the higher the value of the property will be.
Comparable Home Sales
The largest factor in determining the fair market value of a property is what similar homes are selling for in the area. While your home may have considerable improvements compared to others, if you were to list your home for much higher than all of the other properties, there is a great chance that prospective buyers would be few and far between.
When you consider all of the factors above, you can better understand how difficult it would be to come up with the fair market value price for your property. The value of the property will be the same, whether you are trying to sell or simply acquire insurance. Due to the fact that all of the above factors come into play when you need to find your property value, the assistance of a professional will benefit you greatly. You will find out that the professional's statement is the only one that counts when it comes to refinancing the property or acquiring an insurance policy on it.
By filling out our form, you will receive a professional statement on the value of your home. You are only one click away from finding out your home's true worth.