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How to value your house

This article gives a few guidelines that home-owners who want to know the value of their houses may apply. This knowledge is important in today’s depressed housing market that is yet to recover from 2008’s global economic crisis. Read the following article to know how to value your house.

Price fluctuations

The fluctuations in property prices over the last three years have resulted in more home-owners seeking ways of gauging the value of their houses. As the global economic crisis of 2007/8 proved that house prices can collapse, the estate is just like any other investment as regards to value fluctuation. Those people who are thinking of selling their homes in the future would be wise to know the fluctuations in their property’s value over time to enable the realisation of a reliable selling price. Home-owners should follow a number of steps for the success of the process. First, with the slump in real estate values, it is important to know that the price of your house relies on the current market rates and buyer willingness. The buying price, improvements over time and desired selling rates are secondary considerations that can only influence, but not determine the current value.

Intelligent guesswork

Secondly, the main thing is to compare the prices of properties recently sold within the locality of your house. The best source of information on this would be the local land registry that keeps records of purchases and sales within specific areas. It would be better to focus on houses similar to yours. Thirdly, look at the similar houses currently on sale in your locality. This is because they will fall within a certain price range and would most likely have the same features as your house. You can also view popular property listings and compare the features and prices of similar houses to increase accuracy. Lastly, invite a valuer to give their professional opinion on the value of the house. This process will help you to determine the value of your house. As a home owner, you need to understand that the evaluation of a house usually comes down to intelligent guesswork. You can involve evaluation agents, but always remember that they can skew the process to their advantage. So, the more you know, the better off you will be.

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