The best way to get an accurate idea of how much your home is worth is to hire a professional appraiser. They will base its value on other properties in your area and an in-person inspection. Here are some of the reasons that you might want to get an accurate assessment of how much your home is worth:
It's Likely Your Most Valuable Possession
For many homeowners, their home is their most valuable possession, so it makes sense to want to know how much it's worth. Not knowing your home's value is like not knowing how much money you have in your bank account. To make responsible financial decisions, you should know your total net worth.
You're Planning on Selling It
If you have plans to sell your home, even if it won't be right away, you should figure out how much it's truly worth. Otherwise, you won't know how much you should ask for when you sell it and how low you're willing to go if someone makes a lower offer. It will also give you an idea of what you can afford if you plan to buy a new home after selling.
You Want to See If Estimates Are Accurate
There are many ways to see estimates of how much your home is worth. Real estate agencies have estimates on all homes in their market, so you can search online or contact a local agency. You may disagree with these estimates and choose to hire an appraiser to come in to give you a more accurate value assessment.
You Recently Made Improvements
One reason to want to find out how much your home is worth is if you've made recent improvements that might increase its value. For example, if you remodeled some rooms, added additional living space, added a pool, finished your basement, etc., you might want to see how much your improvements added to your home's value.
There Was Recent Property Damage
On the flip side, if there was recently damage done to your home, you might want to see how much that lowered your home's value. If you had recent water damage, a floor collapsed, etc., the value of your home likely declined, and you might want to know by what amount.
You Want to Increase Its Value
If you want to make some changes to your home to increase its value, it's good to have an accurate idea of how much it's worth before you start. That way, you'll know if all of your improvements were worth it when you get it appraised after the fact.
To find out what your house is worth, contact a local inspector.