Whether you’re preparing your home for sale or you simply want to know just how much equity you might have, asking yourself What is my house worth? is a fairly common question. It can be tough to know the value of your home, especially if you’ve been living in it for some time, and knowing that value can be beneficial in several different ways.
Why Go Searching for the Answer?
Why even bother to search for the answer to the question What is my house worth? There are many reasons you might want to know what it’s worth.
- Because You Intend to Sell: This might be the most common reason to ask this question lf you plan to sell your home in the near future, understanding its value can help you set a realistic asking price. Given that realistic asking prices from the beginning are one of the key predictors in your ability to actually sell your home, understanding the value of your home can be essential.
- Because You’d Like to Remortgage: Most lenders aren’t looking to take a big risk on your home when you’re working to remortgage, so knowing the value of your property before you do so can put you in a favourable position. At that point, you’ll be able to approach the lender with some knowledge of the situation to get a loan that actually works for you.
- Because You’d Like to Increase Its Value: Your home is your biggest investment, and knowing what it’s worth now can help you decide what it is likely to be worth should you make certain improvements to it. Whether you’re considering remodelling the kitchen, adding a bath, or tackling a loft conversion, knowing whether you’ll get the return on investment you seek can be a great reason to understand what your home is worth right now.
Determining the Value of Your Home
Not sure where to begin when working to determine the value of your home? There are a few different ways you can do so. One of the easiest options is to use a number of different online tools to help you gain a general value of your home. These will help you see what similar properties near you have sold for in the past. You can start with the Land Registry. This database shows recent selling prices in your area and at the national level. There are other ways to obtain this data online, too, though. Yopa, RightMove, and Zoopla will all offer you almost instant access to the value of your home. Keep in mind, though, that this data is just a rough estimate, not an exact figure.
Another way to get a closer look at the value of your home is to ask estate agents for a valuation. Typically you’ll want to talk to at least three estate agents, and you may only want to do this if you’re considering selling your house in the future, as they will often offer you a pitch for their services along with their valuation. Fortunately, however, this service is usually free of charge.
One last option you have as you work to decide the worth of your home is to hire a valuation professional. This can give you the most accurate way to understand what your home is worth, and it’s documentation you can use when you go to sell your home or remortgage it. It does, however, cost you a bit of money. Most people pay about £250 for a home valuation.
After You Uncover the Value of Your Home
Once you know what your home is worth, there are several things you can do to enhance its value, whether you wish to sell or not. Often simply enhancing your home’s kerb appeal will go a long way toward building value. Simple steps like repainting your front door, power washing your exterior, and adding some strategic plants to the garden can help make your home look more appealing, thus raising its value. Additionally, doing some light work inside like repairing problem floor tiles, replacing plumbing hardware, and more can give it the simple refresh it needs to go up in value.
What is My House Worth? It’s Important to Find Out
No matter why you want to learn the value of your home, the simple reality is that it’s worth it to do some work to find out what it is so you can begin to build on your investment.