Getting an accurate estimate of your home’s value before an official appraisal can be tricky. However, there are a few tips homeowners can use to get a good approximation using online tools and sales data. Here are some things to consider when estimating a property valuation on your own.
Use Online Estimators As A Starting Point
Online home value estimators like Domain and Realestate.com.au can give you a ballpark figure based on your address and home details. While the estimates may not be 100% accurate, they provide a solid baseline using recent comparable sales and neighbourhood data. You can tweak the details if needed to get estimates for different home configurations.
Look At Similar Recent Sales
Checking sales prices of comparable homes sold recently in your area will give you another data point. Look for similar properties in size, age, layout, condition etc. Adjust for any differences like renovations or additional features that may impact value. Online sites like Pricefinder let you search recent sales near you.
Factor In Home Improvements
Major upgrades like kitchen overhauls, finished basements or bath remodels can increase property valuation in Sydney. Make note of any big upgrades you’ve done and add those costs in. Minor updates may not impact price as much. Check with local real estate agents on typical value adds in your area.
Consider External Factors Impacting Price
Location, schools, neighbourhood amenities, economic conditions and housing inventory can all influence a home’s value. If demand is high and supply low, your home may be worth more. Research market trends and get insight from real estate professionals on external factors unique to your suburb and property type.
Hire An Appraiser For An Official Value
For an authoritative fair market value, consider hiring a professional appraiser. They will do an in-depth analysis of all comparable sales, inspection of your property’s condition and thorough valuation. While not free, an appraisal offers the most accurate estimate of your home’s true market value.
Estimating your own home’s worth takes research and insight. For a preliminary range, use online tools and sales data before an appraisal. But for an official valuation, contact a licensed property appraiser. With an accurate home value estimate, you can feel confident listing or refinancing your most valuable asset.
