How Much Is Your Home Worth and Why it Matters?

Keep track of your home value

My First Move

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Photo by ANTONI SHKRABA production via Pexels

The largest asset for many people is their house.

It might be one of the most expensive purchases you ever make. You may wish to know how much your home is worth for a number of reasons, including a climb in value, and a cash-out refinance or selling on the market.

Here’s how you can attempt to determine the exact value of your home.

How much is my home worth?

The size, number, and condition of the bedrooms and bathrooms in your house are all significant factors.

Your home loses value as it ages because things like the roof, fixtures, and appliances all depreciate in value. For this reason, you should keep making improvements and repairs to your home.

It’s also critical to know what’s going on in your neighborhood. The value of your home will increase if you buy in a run-down area and over time, investors or developers move in and fix up the neighboring houses.

If you purchased a house in a rural area and there are now deluxe shops and a 24-hour gym nearby, the value of your house has probably increased.

Other considerations include whether you live in a good school district and the sale prices of nearby homes (referred to as comparables). The housing market will affect whether prices rise or fall.

How to find out how much your house is worth

It depends on your motivation for wanting to know, as that will determine who you speak with.

A realtor can provide you with a reliable estimate of your home’s value.

A broker can inspect your home’s interior and compare it to recently sold homes if you call them to come out.

Most brokers will offer you a free valuation in the hopes that you’ll call them when the time comes to sell.

If you’re unsure of the value of your house in the event of a future sale or trying to determine your overall net worth, that kind of valuation is beneficial.

Additionally, you can check your home’s tax valuation. The information can be found in your…

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My First Move

Tips, insights, and in-depth how-tos to help you on your journey to homeownership.