My Home is Worth What?

3 Ways to Find your Home’s Value

If you’ve owned a home for a while, then you know one of the biggest benefits to home ownership is the way your house and property increase in value over time.

This type of value appreciation has nothing to do with fixing or upgrading things around the house; instead it's more about doing nothing while inflation slowly increases the market value of your home.

 
Flats for sale in Iyyappanthangal

Let’s take a look at 3 different methods to evaluate how much your home is worth.

The Tax Value of your Home:

Once a year, your county’s tax assessor will set the tax value of your home. Your yearly property taxes will be based on that assessed value. The assessor will take into account the area you live in, the size of your home and amount of land you have.

However, your home’s tax value will really only be useful as a reference point. That’s because in a market where the color of your walls (or the proximity to good schools) is just as important as the size of your property and etc; your house could actually sell for more than its tax value.

The Bank Value of your Home:

If you"ve recently refinanced your home then you know all about appraisals. Banks hire professional appraisers to provide them with your home's value. This valuation is based off of comparable properties and looks at the size of the home, the size of the lot, property condition, the general area, and numerous other factors.

Banks use that appraisal value as a cap for how much money they’re willing to lend you, but it also gives you another reference point for how much your home is worth.

There are two disadvantages with having your home appraised by your bank, however. First, it costs money; and second, it still doesn’t necessarily reflect how much someone will pay for your home.

The Market Value of your Home:

For home owners, finding out the market value is always the best way to see how much someone will pay for your property.

Realtors are trained to look at your property conditions, your neighborhood, the current market conditions, and even similar properties that have sold recently. Their research goes beyond a bank’s appraisal and will provide you with a solid price range of what buyers will pay (right now!) for your home.
You can use any of the three methods above to find the value of your home, but it’s often best to take advantage of the free services Realtors offer you!

Article Source: http://tinyurl.com/5sdw7jf

The free online resource for buying a house in Chennai. Find Information on Chennai real estate by PdotG Constructions.