Whether it’s been years since you bought your property or you’ve been busy with recent renovations, chances are the value of your home has changed.
But back-of-the-envelope calculations based on sales in your area won’t give you anything like the full picture.
These four factors will give you a much more accurate estimate, especially when combined with an expert property appraisal.
1. Recent and median sale prices
Let’s face it – certain suburbs have a level of hype around real estate prices that don’t reflect reality. That’s why starting with hard data in the form of recent sale prices is always a good idea.
Along with recent sale prices, make sure you also take median prices and overall trends during the past few years into account. Soon you’ll build up a strong profile of what houses like yours are worth now and how much things have changed.
2. Home improvements
Alongside market information, it’s important to factor in the realities of your particular property. A house in need of major renovations will obviously tend to fall below average sale prices.
On the other hand, if you’ve taken the time to fix structural problems, improve the interiors or makeover the garden, you can safely bump up your estimates – but don’t go overboard. Remember that some buyers are more interested in finding a ‘fixer-upper’.
3. Nearby amenities
One of the clearest signs that property prices in your area are on the rise is an influx of new businesses. If your closest high street is buzzing with cafes, restaurants and boutiques, you can rest easy knowing a potential buyer could be among their customers
At the other end of the scale, empty business premises could be cause for concern. This is your cue to put extra effort into your property before it comes time to sell.
The final factor in determining how much your home will go for is all about choosing the right time to sell. Spring is the traditional selling season, but alongside the advantage of seeing more buyers, you’ll face the drawback of competing with more sellers in your area.
Instead of following the crowd, consider when your home is at its best, and factor in when you’ll be in the best position to manage preparations for the sale.
Should I get a property appraisal?
Even if you don’t intend to sell immediately, getting a property appraisal from an experienced agent will help you to plan for your sale and make the best decision when the time comes. There are plenty of online services out there promising an instant valuation, but none of these will match the expertise of an agent who knows your neighbourhood inside out.