How to Determine What a Property is Really Worth
The property market is an ever changing beast and often it is difficult to ascertain how much a property is really worth as there are many factors to take into consideration. If you want to find out how much your property is really worth then there are a few different things that you can do. If you are buying a property then you will want to make sure that you are not paying a lot more than it is actually worth. Here are four ways to determine what a property is really worth.
Get a second and third opinion from different realtors
A realtor is there to make money, so they will often put a price that will ensure that you get a good commission on the property. Like any other thing in life, the way to really get a good idea about if something is what it looks like is to get a second opinion. Most realtors will be happy to provide you with a CMA (comparable market analysis) to help you determine the real worth of a property, whether it is one that you want to buy, or your own home. A CMA will show you the prices of homes that are similar to yours and what their market value is so you will be able to compare and get a better idea about the worth of the home.
Have a professional appraisal
Having a professional appraisal done of your home (or the one you are buying) will ensure that you have a good idea about its worth. The investment of getting a professional to do this for you will be worth it, especially if you find that your home is worth more than you thought it was.
Check out neighbours houses
One way to get an idea about different homes and how much they are worth, is to go to open houses, or attend auctions in your local area. Not only will it give you a better idea about what houses are going for, but it will give you an idea about what the market looks like in your area. Your neighbours will usually be only too happy to show you around their home, and this will give you a good idea about what your house is worth by comparing it to your neighbours.
Todays real estate industry has been changed a lot by the internet. Whereas before you had to go into real estates to look at houses on the market, now you can let you fingers do the walking as you research online. Most houses that are for sale are usually advertised on the internet, on different sites, so you will be able to go on and have a look at what the market looks like for houses like yours. Meredon Consulting provide information and consultation on a range of different aspects of investment and can advise you on whether a property that you are looking to buy will be a sound investment.