What Is The Current Value Of My House?

Are you looking to sell or let your house anytime soon? Or perhaps you’re wondering how much your property is worth after adding a few modifications to it. Finding the current value of your house would involve having to do a valuation to get an estimate of what the property is worth on the market.

What factors affect the current value of my house?

The value of your house will differ from time to time depending on the current market situation as well as a number of other factors. One of the most important factors that will determine the current value of your house is the location. Other than location, the current value of your house will be determined by its state of repair, the nature of modifications made to the property, as well as a number of other determinants. See below for a list of factors that could affect the current value of your home:

• The age of the house.
• The type of house; from detached and semi-detached, to end of terrace.
• The number of bedrooms.
• The level of wear and tear.
• The layout of the rooms.
• The size of the building itself, as well as the land.
• The number of bathrooms.
• The size of the rooms.
• Amount of storage.
• Whether or not you have a garden.
• Whether or not you have a garage or off-street parking.

How much does the location of my house affect its current value?

While it is true that the location of your house cannot change, the value or appeal of an area may increase or reduce, ultimately affecting the current value of your house. You should think about what changes have been in your neighbourhood since you purchased your property. Are there better schools, upscale shops or restaurants? Improvements like these can raise the appeal of an area.

Likewise, negative developments can lower the appeal of your neighbourhood and in turn, reduce the value of your house. Such negative developments may include an increased crime rate, proneness to flooding, or a noisy road.

What kind of modifications or improvements will increase the value of my house?

While you cannot change the location of your house, you can make a few improvements to increase the value of your home if you would like to sell it or rent it out. Before you embark on any expensive projects, you should make your calculations properly to ensure the added value you get will be worth the amount of money you spend making improvements. Some of the modifications that could help raise the value of your home include:

• An extra room or two added by extending the building or repositioning rooms.
• An extra bathroom or two, en-suite.
• A conservatory constructed with quality material such as glass.
• A properly maintained garden.
• New fittings in the bathrooms or kitchen.
• Installing an alarm system.
• Re-decorating or refurbishing the house.

What could reduce the value of my house?

If your neighbourhood has become less desirable since you bought your house, the value of your house is likely to drop. These are some of the factors which may reduce the value of your house:

• A noisy neighbourhood.
• High crime rate in the area.
• The house is decorated in poor taste.
• Evidence of neglect.
• A sinister history.
• A dirty or untidy neighbourhood.
• Wear and tear on the property.

Who can accurately determine the value of my house?

While there are a number of ways to arrive at an estimated value for your house, your best bet to get an accurate estimated value for your home is to have a qualified appraiser perform a proper valuation. Note that even a “proper” valuation is at best, an educated guess at what your house may be worth on the market. The price you sell or rent out your house for will ultimately be determined by the market forces.

Is it possible to estimate the value of my property myself?

Yes. It is possible to arrive at an estimated value for your property yourself using an online calculator or making enquiries into the state of the property market in your area. You can look at property sites to find out what similar houses have sold for in your area. Meanwhile, there are other ways to do this such as visiting a local estate agent or speaking with neighbours.

Essentially, what you’re trying to achieve is to arrive at a rough estimate of what your house is worth based on the value of similar homes. This is better than putting an imaginary value on your house and setting yourself up for disappointment later when you have a certified appraiser perform a proper valuation on your property.

Can I use an online valuation calculator to estimate the value of my house?

Online house valuation calculators are a good starting point to helping you decide what price you would like to put on your property. They work by assessing the data you provide alongside public data on similar properties in your area. Online calculators differ in the information they ask you to provide, and it is not uncommon to find people use more than one calculator at a time.

While online house valuation calculators are a useful tool, they cannot take the place of a proper valuation performed by an expert appraiser. Note that online calculators will not take into account the state of repair of your home.

Will the current value of my house be affected by the price I bought it for?

No. The price you bought your home for will have no bearing on the current value of your house as the value of any property does not remain static. It also doesn’t matter how much you would like to sell the house for, or the amount of money you spent making modifications to the property.

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