How do I find out what my house is worth? - #hamilton #appraisal #home #valuation #waikato

How do I find out what my house is worth?

There are two proven methods to getting a home value estimate: a home appraisal and a valuation.

Home appraisals

Home appraisals are conducted by real estate agents and provide an educated estimated value of your home, based on their experience and current market trends. They can include:
An estimated price bracket your property is likely to sell in based on your home:
Size and location.
Condition.
Features.
Style and type (e.g. brick, weatherboard, apartment complex, freehold).
Zoning.
A comparative market analysis (or CMA), which compares the sales of similar properties in your neighbourhood.
Information about your suburb, including buyer demand, trends and data.
Guidance on who your target buyer might be.
Recommended improvements to boost value.
A rent appraisal if the property is likely to appeal to investors.

Who does it? Real estate agents.
Cost? Free

Valuations
Registered valuations perform a similar assessment, but they are done by an independent and qualified valuer. They will assess the value of your property in the context of:
Location.
Condition of the home.
Structure of the home, including any issues or faults in the building.
Features.
Zoning.
Interests (rights or restrictions) on the property, which can include easements, covenants, mortgage restrictions and caveats.
History.

Who does it? 
A licensed and registered valuer.
Cost? 
Having your home professionally valued usually ranges between $500 to $800.

Which one should I get?
The value of your home can inform future decisions, including the purchase of your next home and how much finance you can borrow from the bank. Therefore, it’s important to get an accurate estimate, ideally from both sources.
Most banks require a formal valuation before they will give you a loan—even if it is just a mortgage top up to help you renovate. If you plan to sell and buy or invest in another property, a formal valuation can provide an independent and credible source that will meet a bank’s loan requirements.
However, for more information on how your property is positioned in the market, current buyer behaviour and recommended selling advice, a home appraisal can offer deeper insights than a valuation. Valuations tend to focus on history, while appraisals tend to focus on current and future factors.
In short, get a valuation for an independent and qualified price estimate. For information pertinent to the act of selling, opt for an appraisal.