How Much is My House Worth?

Signs are pointing to another great year for home sellers, according to real estate experts. If you’re thinking about selling you probably want to know “how much is my house worth?”

But, before I let you in on my home value secrets, I need to tell you something important. Your house might not be worth what you think.

Yes, there are dozens of home value estimator websites that will give you general property values. Unfortunately, there are a few overlooked factors that really affect the value of your home.

As an Architectural Consultant, one of the most common questions I get is about how homeowners can improve their home value without spending a fortune on improvements. To help you take charge of your home value this year I put together a few simple ways to get back your lost equity.

If you use these tips you will have a better idea of what your home is worth before it comes time to sell. Don’t end up like most homeowners that get a rude awakening when their home doesn’t sell for what they expected.

What is My House Worth? The Truth Revealed!

The real value of your house is what someone is willing to pay for it today - not what you think it’s worth, or what a home value estimator tells you.

Your real estate agent will probably tell you that your home value is based on location, location, and location. While this is true, there are a few big factors that influence what a buyer is willing to pay for your home. Let’s jump into it.

1. Get a Home Inspection

Home inspections are typically only used as a tool by home buyers to verify the condition of a home on the market. It’s like a routine physical checkup to make sure everything is in order and there are no serious structural health issues.

Having a home inspection completed every few years could save you thousands in unexpected repair costs when you’re ready to sell. Before starting your next home improvement project or putting your home on the market, it’s essential to have a home inspection.

A hidden structural problem or sneaky water leak could leave you facing a huge repair bill when you least expect it.

If you spent $20,000 remodeling your kitchen but an inspector finds $50,000 worth of repairs needed to fix a troubled foundation right before you sell, you could be in trouble. All the equity you built with a custom kitchen remodel could be quickly wiped out by an expensive problem that potential buyers will ask you to fix.

Instead, get a home inspection now and give yourself time to get any problems fixed before you sell your home.

Not sure what to look for during a home inspection? No worries, I put together a printable home inspection checklist you can download free.

2. Spy on Your Neighbors

Another easy way to find out how much is your house worth is by looking around your neighborhood. Real estate agents call these comparable values and they play a big part in how much a buyer will pay for your home.

Whether you want to sell now or just make a few home improvements before you put your home on the market, take a few minutes to spy on your neighbors. Why?

The truth is that your home value is directly proportional to your neighbors property value.

If the standard flooring features in your neighborhood are carpet and linoleum, you’re going to have a hard time getting a premium for marble flooring when it comes time to sell. However, if a home on your block recently sold above market value because they invested in hardwood flooring, you may want to follow suit.

If you’re a social butterfly, you may already have the inside scoop on what type of home improvement projects your neighbors are working on. However, if you’re more of a reserved type of person you could use a tool like Trulia to watch home sale trends and MLS listings.

Within each home listing is valuable information about features, improvements and a wealth of ideas. You also have the ability to look through interior photos to see rooms and spaces that you otherwise might not have had access to.

Before undertaking a big remodeling project or putting your house on the market, take a few hours to spy on your neighbors. It could be fun. Plus, it will help you avoid making the same mistakes that others have made.

3. Focus on Curb Appeal

It’s no secret that yard work is a never ending battle for homeowners. Keeping up with curb appeal can be time consuming, expensive and exhausting. That’s probably why most homes offer very little in terms of curb appeal.

Your neighbors might be only keeping up with the basic maintenance, if any at all. This is an easy way to increase the perceived value of your home by focusing on curb appeal.

Remember how I said that your home value is directly proportional to your neighbors? Well, you can use landscaping to your advantage to dramatically increase your home value in comparison to your neighbors neglected front yard.

Other ways to improve your curb appeal include using exterior paint colors that make your home look larger and timeless color palettes.

Conclusion

These are just a few ways to take charge of your home value in new year. Now it’s your turn. What home improvement projects are on your to do list in the new year? What worked for you this year?

Feel free to share you home improvement ideas with me on our Facebook page and grab my free ebook on how to increase home values.