Establishing a property worth has several benefits from sale listings, giving you control over your insurance premiums, property taxes and the refinancing of your home or property in general. Most homeowners hire professional appraisers or property valuers to find the estimate of their properties in the real estate markets. This is good, especially if you don’t have time to do it yourself. However, there is no reason why you cannot do it for yourself. The following methods are used by real estate valuers to estimate the value of your property.
How can you estimate your home valuation?
There are a variety of ways you can use to estimate the value of your home. They include:
Property Valuers or appraiser
A home appraisal contains the written home value estimate. The property value is determined by the market value and your price.
Comparison of sales approach
The comparison of sales approach is a property valuation method used for single-family home valuation and land. This method is also referred to the Market Data Approach. Home valuer compares the recent sold properties price with your property to get the estimate of your home.
Comparative market analysis
The CMA, as known in the real estate industry, is similar to the comparison of sale approach. The method is conducted on your property through and detailed analysis performed by a real estate valuer before they come up with the estimates of your home. The criteria followed by this method include:
- The same number of bedrooms and baths
- Similar upgrades or updates
- The Same Location
- Same Square Footage
- Same Residential Style
Income capital approach
The Income Capital Approach involves the relationship between the required rate of return on investment by the investor and the net income the property produces. The kind of property valuation is applied to commercial properties, apartments and office buildings.
Home valuation sites
The other method you can use for your home valuation is using house value sites. These sites have estimator tools and resource that can help you find your home value estimates. Sites like Zillow, Realtor.com, property Shark and Trulia are good for the property valuation.
There are other various ways for home valuation. Whether you decide to use a real estate valuer or use the site, property valuation should be the first step before selling your home. During the process, you can a question and discuss with the profession in the case of unsatisfied assessment.