05/03/2018 0 Comments
How to Estimate the Value of Your Home
Are you interested in finding out the market value of your home? While you could hire a professional appraiser, you can also arrive at a good estimate by doing a bit of research and carrying out some basic calculations yourself.
The Halifax home insurance brokers at Eisenhauer Insurance Inc. recommend a sales comparison approach to finding out your home's current market value. This is the approach used by real estate agents and professional appraisers, and it consists of three main steps.
Step 1 - Take a look at homes that have recently sold in your area
The only way to estimate how much your home might be worth is to see how much other homes in your area are currently selling for. You might receive a community newsletter in your area that shows recent sales. Newspapers or online real estate databases can also be a good source of information.
Step 2 - Choose properties that are comparable to your home
As you sift through the listings of recently sold homes, try to pick out properties that share important features with your home such as location, square footage, lot size, home age, number of bedrooms, and number of bathrooms. Choosing at least three comparable properties will help you make a more accurate estimate.
Step 3 - Adjust sales prices based on different attributes
If all three properties are nearly identical to your property and all sold for a similar price, then you're in luck, as your home would likely sell for that price as well. Chances are, however, that there will be some differences among the properties you chose and between those properties and your home. You can account for this by determining whether certain features contributed to an increased or decreased sales price.
For example, if one property has one bedroom less than the other properties, then you can safely assume that it would have sold for a higher price if it had the extra bedroom. On the other hand, if one of the properties has an extra bathroom, then you can assume it would have sold for a slightly lower price without it. Once you've adjusted the prices accordingly, they should all fall within a similar ballpark, and this ballpark number should also reflect the current market value of your home.
Protect the Value of Your Home with Nova Scotia Home Insurance
Your property represents a major investment and as such needs to be properly protected with a Nova Scotia home insurance policy. There are many potential risks to the value of a home, such as flooding, fire, hail, damaging winds, snow, rain, freezing temperatures, and vandalism. All of these hazards can cause significant damage and therefore a significant decrease in your property value. Having home or landlord insurance in Halifax ensures that you can make important and timely repairs to maintain your property value.
At Eisenhauer Insurance Inc., we can provide you with comprehensive home or landlord insurance in Halifax. Our experienced insurance brokers will compare numerous providers to find the best policy for your unique needs. To receive your quote for home insurance in Nova Scotia, just contact the Halifax insurance brokers at Eisenhauer Insurance Inc. today.