How To Get a Property Evaluation

home value

Gettig a Comparative Market Analysis and knowing your home's value can be important for many reasons. Whether you'are selling it or trying to insure it, understanding how much a property is worth can be a vital piece of information that you will need for a lot of different circumstances. However, it is not easy to estimate a property's value yourself, especially not if you have never tried to do it before.

If you want professionals to estimate your home's value, then it is not a bad idea to get in touch with a valuation company as soon as possible. The sooner they can evaluate your home, the sooner they can answer the question “what is your house worth?" with a clear and carefully-calculated value.

Getting a professional property evaluation done by a third party is usually the way to go, no matter why you need that valuation done. But what is the best way to go about it?

Infographic about How Much Does a Comparative Market Analysis Cost, and Is It Ever Free
By HomeLight Homes

Understanding Property Evaluation

Before we get into some of the more specific valuation methods, it is a good idea to look at the entire process of getting a property valuation. 

Property evaluation is the process of inspecting all aspects of a property to determine its overall value on the market. This includes things like the size of the home and the area's market value, as well as the physical look of the home and the assets that might be contained within it.

Some things raise home value while others reduce it, and this is often on a case-by-case basis. Something that makes one home higher value might not have the same impact on another, depending on the property's layout and the way that the whole space comes together. In general, the more desirable a property is, the higher its value will be.

What Property Valuation Methods are There?

This entire process might seem easy since friends or family could give you a ballpark estimate of your home’s value, but that really is not the point. Property valuation is more than just estimating the amount you would pay for it – it is defining the market value of your home and its actual worth.

That means that a lot more factors have to be taken into consideration, including other homes on the market, as well as the area's market conditions and the overall value of the neighborhood. This allows you to come up with a better estimate of what you should expect to get out of the sale of your home, and when you are thinking about selling, the market price is something that you really need to be able to estimate properly.

In general, there are two ways to attempt to figure out what your house is worth. The first is trying to do it yourself, and the other is turning to a professional company for the work instead.

DIY Property Evaluation

While it can be tempting to try and value your home by yourself, remember that this is not always going to be accurate. If you are not careful, you might wildly underestimate or overestimate the value of your property, and that can have a knock-on effect on a range of other processes that require an accurate home value.

You can often get a good baseline of what your home might be worth by simply figuring out what the average sale price is in the neighborhood and looking at what other properties have sold for that past year. 

If you really need to understand your property’s value, though, DIY property valuation might not be the best option. A professional valuation can be a better option, as it can provide a lot more accurate information with a far lower risk of something important being overlooked or a calculation mistake being made.

Keep in mind that, to get a true average, you will need to take a lot of information into account. This usually means that you will not be able to get a close estimate on your own, especially not if your home has some drastic differences from other properties on the market.

Using a Third Party Property Valuation Company

There are lots of companies that offer home valuation services, and choosing the right one is going to depend on a variety of factors, not the least of which is what you want to get out of the deal. Either way, turning to a professional company ensures a lot more accuracy than trying to do it yourself.

A professional property valuation service is going to work with a team of experts to get the best evaluation for your home. Professionals can use state-of-the-art systems and tools to figure out what it is worth, and they will make sure that they take into account a range of different factors as well as real valuation data from countless other properties and markets.

Because of this, professional companies are usually able to get a much more accurate picture of what your home is worth. These estimates are based on an evaluation of the home’s location, condition, layout, size, and countless other characteristics, so you can be sure that you are getting an honest evaluation.

Getting a Third Party Property Evaluation

Some companies will do the work for free, allowing you to get an accurate home value estimate without worrying about having to pay money for the service. This might be extremely important if you are limited on funds and are trying to work out how much your remaining assets are worth.

To get a more accurate valuation, a professional company will probably want a tour of the property or even a full inspection. The more information they can gather about your property, the easier it becomes to find out a potential value that they can use as a starting point.

Good home valuation is vital for all kinds of different reasons, so it is important to get it done correctly rather than doing it quickly. Even if you are trying to compare your house value to a local average (such as the average house value Airdrie offers), you will want somebody with experience backing you up and making sure that the value is all correctly calculated.


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