An online house value calculator is a tool that lets users get an estimated value for a property. It uses software that estimates the value of a property based on specific information about the property as provided by the user, as well as public data on similar properties within an area.
Using an online house value calculator can be an important first step to deciding what price to put on your property if you’re looking to sell it or rent it out. Online house valuation tools are easy to use and provide results quickly as long as you have a working internet connection and an internet enabled device.
With an online value calculator, users are able to get an estimated value for a property without the assistance or intervention of an expert. Some websites offer online sales value calculators and online rent value calculators side by side, so you can estimate how much you may sell or rent your property.
Online house value calculators may differ in what features of a property they’ll provide fields for, and will only take into account the modifications a user specifies. An online valuation tool will be unable to factor in the level of wear and tear on a property when calculating the estimated value of the house.
Online tools may also be useful if you’re trying to decide whether or not to make modifications to your house. You can find a calculator that takes a good number of features into account when calculating the estimated value of a property. Start by calculating the estimated value of your house as it is, then do the valuation again, this time adding a modification you would like to make. When you determine the difference between both values, you should be able to decide if you want to go ahead with the modification.
Many websites offer online house value calculators that are entirely free to use. The only costs you’ll have to bear are regular data prices that apply when you surf the web normally.
While different online house value calculators may have different layouts, you’ll normally have to input your post code or address into the provided fields. Some tools will let you input other specific data about the property before you send your information. Others will take you to a second page where you’ll fill in details of the property such as the number of bathrooms, number of bedrooms, whether there is a garden or not, and so on.
Different calculators will request for different information so it might help to use more than one calculator when you’re trying to obtain an estimated value for a property.
An online house value calculator works by using software that compares the property in question to similar properties in the same area. The software draws public data from the Land Registry and property listing sites and provides an estimated value for your property based on the prices that similar properties have sold for, as well as current asking prices.
Valuations done with online house value calculators are as accurate as the data available to the system. The more accessible the data from a particular area is, the more accurate the valuation will be. Likewise, the more specific the information provided by the user, the more accurate the estimated value will be.
The estimate obtained using an online house value calculator is not as accurate as that provided by an experienced appraiser, and cannot be relied on for use in serious transactions. Online valuation tools should only be used to get a general idea of what a property might be worth, pending the time a proper valuation can be performed.
Online house calculators work similarly and obtain data from similar sources. The specific information required to arrive at an estimated value for a property may vary from one calculator to another. It is a good idea to use more than one online valuation tool to estimate the value of a property.
Values determined by online house value calculators are not reliable enough for use in serious formal transactions. Mortgage lenders require a valuation report on which to base a mortgage loan offer, and will only accept valuation reports from an appraiser they approve of. Lenders generally require a client to pay for a proper valuation before a mortgage loan can be offered, however, many companies now forgo this fee.
Many mortgage lenders now perform a free property valuation if you want to put your property on the market or want to buy a house. If you’re not ready to sell your property and are not interested in paying an expert appraiser to do a proper valuation yet, you can embark on an investigation of your own.
You would need to find out what similar properties in your area have sold for recently, as well as the current asking prices for those on the market. You may obtain this data from online property sites that show you what properties in your area are selling for. Another way to go will be to visit local estate agents to see what similar properties to yours have sold for in the past, and what they are currently being offered for. With the information you have gathered, and factoring in any modifications you may have made to your house, you should be able to come up with a rough estimate of what your property is worth.