How much is your home worth? It's time to find out

Thursday 21 Jun 2018

Are you curious about the value of your home? You probably should be. Luckily, you can talk to the professionals and get a straight answer today.

As you're trying to get a good handle on your wealth management outlook, knowing the value of your home is crucial. After all, if you're like most Australians, your home is the most valuable asset you have. You may know how much it was worth when you first paid for it, but how has that value changed?

This is vital information. If you're considering selling your home, you obviously need to know how much it's worth. But even if you're not, it's still good to have this info handy for estate planning purposes and for weighing financial options that involve your home equity, such as reverse mortgages.

How your home is valued

If the only valuation you have is the one you get when you first buy a home, you're missing out. A lot can change about the value of your home over the years, and it pays to keep up. According to the Department of the Premier and Cabinet, the best way to calculate property value is to look at the prices that the most recently sold homes in your local area have gone for and look for trends.

Of course, there will be variations to account for when comparing your home with others, such as the relative sizes and any renovations you've made. Still, though, data collected from other transactions can help you benchmark the value of your property.

Dispelling doubt and finding the truth

In the course of listing your property for sale, or just getting a valuation for any other reason, appraisers may come across unexpected setbacks, such as structural flaws in the home, or pest issues. API Magazine advises coming clean about such issues if you have them.

If your house has any structural damage, address the issue ASAP.

"Depending on the level of damage, you would flag that to the bank and recommend they get a building or pest inspection," property valuation expert Tony Higgs said.

You don't want there to be lingering questions about your home that might hurt the long-term stability of its value. If there are any potential issues, be honest about them and confront them directly.

Get a professional appraisal today

When it comes to finding fair prices on real estate in the Burnie and Somerset areas, we have a great deal of expertise here at First National Real Estate Burnie. It takes a lot of knowledge and skill to get a precise answer, but our team has what it takes.

Our agents consider all the information available to them - comparable local sales, your improvements, the current condition of the market and much more. To get the best possible read on what your house is worth, you can count on us.