To sell your home, to buy a property or to make an estimate of the rent. If you are in any of these situations, or have been on some occasion, surely you have asked yourself: how do I know how much my house is worth? From Pro Realty we want to give you an answer and, for this reason, we bring you this article in which we explain what the valuation of a property is and the different ways that exist to calculate the value of a home.
What is a home appraisal?
The valuation of a home is, as its name suggests, an evaluation that is made of a property, taking into account various factors, to know its value.
It is important to be clear that the appraisal is not the same as the home appraisal . The main difference is that the appraisal must be carried out by an official appraiser, following one of the four methods established in the ECO 805/2003 order. For its part, the valuation of a property does not have a legal nature, but is an estimate that will serve as a guide for the owner or future owner.
In other words, if you want to know the value of your home because you are in the process of applying for a mortgage, you will need a real estate appraisal; while if what you want to find out is the price for which you could put it up for sale, you can resort to making an appraisal.
This can be done online and for free and there are many real estate portals or agencies that offer this service. Although, we will talk about this later.
Factors to take into account when knowing how much my house is worth.
When calculating the value of a home, the characteristics of the property will be very important, but also everything that surrounds it. The location of the home, the services around it or the common areas of the building (if it is not a single-family home) will also have an influence. Let's see in detail what factors we must take into account when asked how to know how much our house is worth .
Characteristics of the property
What do we mean when we talk about the characteristics of the property? Obviously, to calculate the value of a home, its size and the number of rooms it has will be very important. The greater the number of rooms, if it has a storage room or parking space, the greater the value.
But, beyond the surface and distribution, orientation will also be a key element to increase or decrease its value . A house whose orientation allows the greatest number of hours of natural light will see its value increase.
In the same way, the age of the property and its state of conservation will also be taken into account . If the buyer has to carry out important reforms before moving in, it will have to be reflected in the price that you request.
Finally, at a time like the one we are currently living in, in which the price of electricity is breaking historical records, the fact that the home has a high-level energy certification will greatly increase its value .
Building features
In the event that the house belongs to a residential building, the characteristics of this will also affect the value. Here we should note if the building has an elevator (even more so if the property is on one of the upper floors) or the common areas it has .
The age and state of conservation of the building are also aspects to take into account. An old and poorly preserved building could mean the need to carry out a greater number of reforms and, consequently, spills that the owners of the homes would have to bear.
Housing location
Lastly, the value of the home will depend on its physical location . It will not have the same value if it is located in the center of the city or on the outskirts; if it is in an old area or in an area in full growth and urban development.
Its proximity to basic services will have a great impact on the value of a property : medical centers, schools, supermarkets, green areas or sports areas. As well as the ease of access to the main highways or the offer of public transport services . Everything that contributes a better quality of life to the tenants of the house will increase its value.
Online home valuation tools
Once we know all the factors that influence the valuation of a home, it is time to find the answer to how to know how much my house is worth.
As we mentioned in the first paragraphs of this article, if the reason why you want to know the value of your home has nothing to do with any procedure that requires an official appraisal, there are many free online home appraisal tools .
Today it is easy to find one of these tools both in any real estate portal and on the websites of banks or real estate agencies.
These applications are very easy to use. You will simply have to fill in the different fields with the requested data and, in a few minutes, you will have obtained an estimate of the value of your home .
The results offered by most of these tools are useful as a starting point, but we should never take them as the only reference. And it is that these do not take into account some of the factors that we have detailed previously. They have data on the size of the home and the area, so they will offer us data similar to the average value for which properties similar to ours have been sold.
However, they will not take into account, for example, the orientation of the house, the quality of the materials with which it is built or its state of conservation.
In this way, we must complement the result offered by online valuation applications with the opinion of professionals in the real estate sector.
How to know how much my house is worth online for free with Pro Realty
At Pro Realty we put our free online appraisal tool for all those people who wonder how to know how much my house is worth .
You will only have to fill out the form and, in less than 30 seconds, you will have an immediate assessment at your disposal. This valuation is made taking into account technical factors and the current real estate market, with data on homes similar to yours that have already been sold and the prices of those that are currently for sale.
Requesting this valuation will not imply any commitment with us. However, if you wish, you can schedule an appointment with one of our agents in order to have a professional and more personalized opinion on the marketing capabilities of your home.
Remember that whether you are determined to sell your house , or if you want to rent your home or are thinking of buying a new home, in our real estate agency you will find the best services and with the best guarantees.
We put all our experience and knowledge at your disposal, with the help of the most innovative digital tools. Contact us without obligation!