Getting a better understanding of what your property is worth is always good to know. It doesn’t necessarily mean you’re going to sell, but in a lot of cases, you, like many others, may have more equity then you expected and that opens you up to opportunity.
Now it’s always worth getting a professional in to help assist in getting your head around worth. Though with the amount of data we all have access to these days, it’s become a lot easier to keep your finger on the pulse.
So what should you research? The way to get a better understanding of what your property is worth is by looking at all the properties that have sold over the past six to twelve months that are close by and similar to your property. By keeping an eye out for selling properties and taking note what they sell for, you will stay tuned with how the market is currently reacting to your area and style of property.
The biggest mistake people make, is basing their value on what other properties are selling for. The figures that agents advertise the properties they’re selling aren’t accurate. The reason being is because you don’t know if the agent has over-quoted to win the business or under-quoted to deceive buyers.
It’s very easy to fall into the trap of your property is better then everyone else’s, so it’s definitely worth more. You really have to be objective when looking at your own property, I would even remain as conservative as possible and see how the numbers pan out.
There are a few different ways you can come to value, but the most practiced and most accurate is basing your price on what your neighbours are selling for. Either way, you can always call a real estate agent, they’re always happy to provide you a free market appraisal.