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What is the Worth of My House?

Published by monica on Wednesday, February 20, 2013

Photo credit by Moyan_Brenn

When do you need to know the value of your house? Probably when you plan to sell it off. But there might be many other reasons. Some of the house owners feel that knowing the current valuation of their house is an important piece of information that anybody should keep handy. But if you are assessing the value once and sitting back at home peacefully, then you are not taking the right way.

Because according to the general trend, the worth of a property always increases with the passage of time. The most probable reason for this is the inflation rate. Moreover, if you are suddenly in a need of mortgaging or selling the property for money, knowing the worth of your house will help you ask for the correct amount of money for it.

How do you get to know about the worth?

This is not at all tough to know about the approximate price of your house. If you have any friend staying in the same locality who has just bought or sold a property like yours, then discussion with him can bring some light to this matter. But then again this will give you a rough idea about what your house is worth.

Now to get a detailed assessment report, you can consult the professional home brokers who are very much into the business of purchase and sell of properties. They will even help you out with some most useful tips about how you can increase the value with minor renovation and alteration to the house.

There are home buyers who can give you detailed report in black and white which is an authentic document to prove that the home is really worth the money you are asking for.

Comparing as method to assess the value of a house

The other interesting as well as useful idea of evaluating the price of your house is comparison. First of all, you need to find at least three to four properties in the same locality where you reside which have been bought or sold recently. Next step is to find out the exact price that has been paid for them.

It is also important to know about the detailed plan of the house and the communication modes that are available around it. Once you are ready with all sorts of information about these houses, you can sit with ample time in hand and a cup of coffee to compare the price and other aspects of the houses with yours.

If you see that one of them has a spacious backyard which you don’t, then simply deduct the probable price of that particular piece of space from the assessed value of your home. If your house has got something that others don’t have, then add the price to it.

Now the most important task after calculating the worth of your home is to keep yourself updated regularly according to the trend changes in the real estate market. Otherwise you will have to start all over again.

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