Every house is different, so one standard list of improvements that increases home value may not be accurate for every home. Major remodeling of your property is one way you can be sure of increasing your resale value, but again, exactly how can you tell what residential renovations will help increase home value estimates?
Tidying up the outside of your home with landscaping, new siding or paint, or new doors or windows is one way to increase home values. If your home is up for sale, the first thing buyers will notice is your curb appeal, as any real estate agent will tell you.
The area you live in will of course affect the value of your house. Simply compare your home to the other homes in your neighborhood and you can get a good idea as to whether your home sales price will be similar, greater or perhaps lower than other houses in your area.
Additions that you desire in a home may or may not raise the average value of your home. For example, you may love to add a pool to your home and think that your home value estimate may skyrocket . but you might be wrong. If the buyers looking at your home think a pool is a nuisance or even a danger to their family, your home value can drop and your house may not get sold as easily as you originally estimated.
Before you start making changes to your home, you need to figure out just what your home is worth. Even with all the doom and gloom predictions of the housing market in the past few years, 2008 homes values still slowly but surely increased on a national basis. Who knows, your county may be one who has seen a surprising increase in home appreciation. Many experts have forecast (and historical statistics and trends show) that even if home prices may decrease somewhat on a national level, individual areas still show steady growth.
Your best bet is to contact a realestate professional and ask for a Comparable Market Analysis (or CMA) to get a range of possible prices your home may be able to sell at. Real estate agents can basically determine and chart a range of current values for you based on your home's individual characteristics, past home value history, and comparisons to other homes that sold in the neighborhood. Agents can also give you information on what additions could cause your home value to rise or fall. And, they even wrap these comps up in a pretty package for you to hold on to for your records.
Another option is to get an appraisal done of your home, though this will definitely cost you money. A professional appraiser will make an assessment of your home by taking a walk through and making sure everything is up to code. They will also make a comparison to similar homes to arrive at an average value, and may be able to give an idea of what future renovations will do to the home value.
Appraisals are usually needed when applying for a mortgage, where your home value and credit history can have a big effect on the kind of interest rates you may get.
If you don't wish to search out a professional on your own, there are plenty of websites online that can give you an idea of your current and future home value. Home value calculators are currently the center of tons of traffic, especially given the current economic problems. Everyone wants to know just how much money they may be sitting on in their home.
Some sites offers additional services as well, such as a home finder, new data on the current housing trend, a form that can calculate your mortgage rate, etc. The kind of information you need should decide just which type of site you're looking for.
There are plenty of sites on the web offering free home value reports. Some, such as Zillows projections, use old tax records to give you an instant median house value. This is not always accurate, as their data can be old, or nonexistent in some cases. While the site does graph and map its data for easy viewing, many professionals have found its estimates to be off by thousands of dollars, while consumers seem to always assume it is dead on.
If you're looking for your home value online, you may have to search for a while to find a reputable site. Our website, www. GetMyHomesValue .com, offers free home value estimates from qualified professionals. When you fill out your zip code in the above form, all you have to do is enter what address you're interested in and wait to receive your unique home value report from our representatives within hours. You're under no obligation to do anything further with that professional, but you can also use them to ask more in-depth questions about refinancing, improving your home value or buying and selling a home.
Whether you are curious about your value, looking to buy or sell, or want to know what your rental is worth, our site can you the most recent information on home values in your area.