How much you pay for a mortgage depends a lot on how much the property is worth. Because of this, it's important to know how much a property is worth before you try to refinance, get a home loan, or sell a house.
One way to do this is to find out how much the house is worth on the market. One easy way to do this is to look at the prices at which similar homes in the same neighbourhood have recently sold. This can be done well and quickly with the help of the Internet or a real estate agent, and it probably won't cost you anything.
The appraised value of your property is another way to find out how much it is worth. To do this, you need to pay a trained, licenced professional to help you. They will look at a number of things, such as the home's square footage, quality of construction, floor plan, design, neighbourhood, proximity to important services and places, and landscaping, among other things. Most of the time, an appraiser will cost between $200 and $300.
An appraiser can also tell you how much the property would cost to buy new. An appraiser thinks that this is how much it will cost to build a similar house on an empty lot. The home's age will be taken into account by the appraiser so that he or she can make a better estimate that takes into account wear and tear.
It's important to remember that a home's estimated value is not the same as what it's really worth. One of the above methods is used to figure out a home's estimated value, but what potential buyers are willing to pay for it is what it's really worth.
