Determining how much your house is worth is one of the tasks you need to do before putting your house on the market. Knowing this information enables you to sell your home at the right price – one that is competitive and lets you earn a decent profit.
How do you find out the value of your house? If you want answers fast, you can check out online price calculators. Alternatively, you can ask your chosen real estate agent in Dublin to help you with the valuation.
However, regardless of the method you use, it is still best to know how to determine the value of your house. This way you’d be able to double-check if what you’ve been told is accurate.
So, we’ve put together a guide below containing some of the information you need to gather as well as the steps you need to take to accomplish this task:
The first thing you need to do is to list down all the details about your house that are usually required in online listings of properties for sale. If you don’t remember some details about your home, look for all your property documents as they would contain the critical information which is usually hard to remember like the floor area and the aspect ratio.
Including those mentioned above, here are the details you need to list down:
- Type of Property
- Floor area
- Aspect Ratio
- of Floors
- of Bedrooms
- of Bathrooms
- Parking / Garage
- Building Energy Rating or BER
- Access to Transport
Market Price of Similar Houses
After you have listed down all the details of your home, check out other houses for sale in your neighbourhood. Location has an impact on the price. So, if your property is in Rathgar, make sure to look for homes in this area.
One quick way to gather the information you need is to check online listings. Take note of the details of the other houses. Put the information on a spreadsheet to make it easier for you to compare later on.
The goal is to find houses with specifications similar to yours – the location, floor area, number of rooms, etc. Look at the market price of these houses because more or less your property has the same value.
Remember, the goal is not to find houses that have exactly the same specification as yours. It’s highly improbable your home has a “twin”.
What you need to do is to search for similar properties and make an estimate of your home’s value based on the various figures you’ve gathered. The more similar houses you find, the more accurate your home’s estimated property value would be.
Recently Sold Properties
Aside from houses which are currently for sale, you should also check recently sold properties. Look for properties that have been sold preferably within the last 3 months as property prices can sometimes be volatile depending on market situations.
Just like what you did earlier, get the details of the homes which are similar to yours and list down the final prices they were sold for.
Other Factors that Affect a Property’s Value
Comparing your home to other properties for sale or recently sold can give you an idea of how much your home is currently worth. However, keep in mind that other things can affect your home’s value.
Possible rental income is an important factor in a property’s valuation. With the advent of Airbnb and the modernisation of property rentals, short term rentals have become much more common. If potential rental income is high, this would also increase your home’s value.
The location or area is also a critical factor. It determines accessibility to transport or distance to any important landmark or establishment. If your house is closer to an excellent school, then its value may be significantly higher than properties which are situated farther.
You can also use location to gauge if property values in your neighbourhood are going up or down. If some developments are being done in your area, the value of your property would most likely increase.
In summary, there is a proper and logical way to determine the value of your home. How much it’s worth is not dependent on your opinion alone or how much your mortgage is. This task can be challenging to accomplish on your own. Fortunately, there are professionals who can help you. So, don’t panic!
Want to know how much your house is worth? Our real estate agents – some of the most trusted in Dublin – can help you determine your home’s value and set the right selling price. Call us today on 01 495 9020!