What is my house worth?
Before exploring what your property is worth it is important that you understand that the value of your property has nothing to do with:
- What you paid for the property
- What renovations you have done to the property since buying the property
- What the property is insured for
- What you would like to sell it for
Broadly speaking, your property is worth what a willing, able and informed buyer will pay for it!
So to estimate what your house is worth, you need to consider what the buyer will be considering. The willing, able and informed buyer will consider:
- What did similar property to yours sell for recently.
- What is similar property to yours being marketed for currently.
The buyer will consider your house in relation to those that are on the market and when viewing other properties in relation to your property, the following are some of the factors the potential buyer will consider.
- Age and style of the kitchen
- Age and features of the bathrooms
- Is there an en suite bathroom
- Is there a pool and does the buyer want a pool
- Is the property well maintained
- What are the security features in the house
- Is there a view
- Is the garden maintained
- The state of the housing market – buyers market or a sellers market