If you plan to sell or refinance your home, you might be thinking of doing some work to add real estate value. Home improvements can be costly, but there are some relatively inexpensive ways to add value to your home.
You don’t have to shed $50,000 on a state-of-the-art kitchen or bathroom to see an increase in your home’s value. There are cheap ways how you can improve your home value without spending your hard-earned money.
How to Know Your Property Value?
As the market changes, your home value will also change. According to the National Association of Realtors, the median home value will rise by 15% nationally.
As a homeowner, you should always know your home’s value to make the best decisions when it comes to selling, refinancing, or taking a loan for renovations or remodeling.
Online Home Value Estimators
Trying to estimate your home’s value can be a tricky business. After all, many factors can affect your home’s worth, from its location and size to the property’s condition and the housing market’s current state. However, a few tools can help you get a ballpark estimate of your home’s value.
Online home value estimators use public records and other data to generate an estimate of a property’s worth. While these estimates are not always 100% accurate, they can give you a good idea of your home’s approximate value.
To get the most accurate estimate possible, input as much information as possible about your property, including its size, age, amenities, and location.
Hiring a Real Estate Appraiser
Before making any changes to your home, whether it be a new roof, an addition, or even just painting the shutters, you should first consult with a real estate appraiser. That might seem unnecessary, but trust us, it’s worth it.
A real estate appraiser can tell you what your home is currently worth and what value any potential changes might add. This is vital information to have before making any decisions because it will help you set a budget and ensure you don’t overspend on renovations that might not even increase the value of your home.
Many people tend to overlook the importance of an accurate appraisal, but it is essential to understanding the potential value of your property.
Ordering a Comparative Market Analysis (Cma) From a Real Estate Agent
Comparative Market Analysis, better known as a CMA, is “an assessment of a home’s value based on recent sales of similar properties in the same area.” In other words, it estimates what your home is worth compared to others in your neck of the woods.
If your house is in Houston and is interested in putting your home on the market, a real estate agent in that area will be able to pull up recent sales of comparable properties and help you price your home accordingly.
Cma is a valuable service because it will give you an idea of what buyers are currently willing to pay for homes like yours in your area. Asking a Realtor for a CMA is a great way to get an idea of your home’s value without spending any money.