It pays to understand the price of your home, quite literally. One of the best ways of achieving this is to take advantage of a home evaluation, which can help enhance your property’s value by giving you an accurate set of statistics from which to work from.
Although largely an estimate contingent on current market factors that can change over time, it’s nonetheless an excellent method for figuring out what your property is worth at that moment, especially if you are thinking of selling. Here’s a few of the factors that a free home evaluation takes into account.
PRICING
First and foremost, a home evaluation is meant to try and give the closest approximate pricing value for your property. This helps you decide on the best listing price for your home, especially when competing against other sellers. The right price tag can help attract would-be buyers while maximizing its market value, without turning them off the idea.
MARKET TRENDS
Evaluating a property and weighing it against current market trends is crucial for coming up with the correct value estimation. Everything from supply and demand, the current economic climate, and even local laws and political decisions can affect these market trends, which means you’ll want to have as up-to-date an evaluation as possible.
INSURANCE
Property insurance is vital, especially when it comes to determining the value of your property. Having the right insurance can help protect what is essentially your largest investment, by determining replacement cost. When in doubt, make sure to have a property evaluation so you can be sure you have the most accurate information.
REFINANCING
Thinking of refinancing your mortgage? A home evaluation can go a long way towards making the process easier, and will probably be a requirement before lenders make their determination. The higher the value of your property, the easier it will be to access a more favorable and attractive refinancing deal.
MARKETING & ADVERTISING
If you’re thinking of selling your property, you’ll want to arm yourself with an accurate home evaluation so you have bargaining power. Your real estate agent can use this to their advantage to attract high profile buyers who are willing to pay top dollar for your home, or engage in a bidding war to your benefit. It also adds a sense of credibility to your listing, which will make your home stand out in comparison to others. Never underestimate the power of a home evaluation when it comes time to defend your asking price.
UPGRADES & ENHANCEMENTS
Whatever course of action you decide to take regarding your home, you’ll definitely want to make sure you highlight any possible upgrades or enhancements you’ve done of late. This can include remodeling, a new kitchen, upgraded bathroom, or any structural additions that may boost your property value. Upgrades are a great way to justify the increased value of your home, and will be at the top of buyer lists.
CONCLUSION
Some are tempted to think that merely highlighting the above by themselves is a good idea, but the simple truth is that the proof is in the paperwork when it comes to real estate. You’ll want to have your home evaluated by a professional who knows what to look for, and how to list it properly in the final documentation. From there, you’ll have the upper hand when it comes to negotiating for mortgage refinancing, insurance, collateral, or a traditional home sale.
If you’re ready to sell your home, you’ll definitely want to start with a home evaluation. Contact Fine Homes Real Estate today, and we’ll get you set up so that you can receive the most accurate evaluation, while we utilize it to market your home and attract the right kind of buyers!