Do you know how much your home is worth? The market value of your home is something every homeowner should know, especially if you’re thinking about selling. Comparing the current value of your home to what it was when you bought it will also help determine if it has increased, decreased or stayed the same over the years. Knowing its true value and how it compares to the original value will help you determine if selling is a good option. And if you do decide to sell, you will also know where to set your asking price.
To understand your home’s value, you need to understand there are many outside factors that directly and indirectly determine its worth. Some of the things that directly affect property value include your location, the community and zoning laws. If your property is conveniently located near shopping centers, restaurants and other businesses, the property value will be higher than those in rural areas. Quick access to the highway or being located near public transportation will also make a difference.
Property values increase in communities where you find safe neighborhoods, good schools, and amenities like libraries and parks. Zoning laws will also increase or decrease your property value depending on what the law states. Indirect factors that affect the value of your property include the nation’s economic state, demographic changes and natural disasters.
Even if you do not intend to sell your home, knowing how much it’s worth is beneficial. It will help determine the amount of insurance coverage you should keep, and if you’re paying the right amount in property taxes. If you don’t know the value of your home, now is a good time to have it estimated.