Factors We Consider When Calculating Your Home Worth

HomeBlogFactors We Consider When Calculating Your Home Worth

As professional appraisers, we take our responsibility of providing you with an accurate, unbiased opinion of a property’s value very seriously. Whether you are considering buying a home or investment property, if you are selling your home, or if you need an appraisal for another reason, we want to help you understand your current home worth.

Factors We Consider When Calculating Your Home Worth

There are many factors we consider when calculating your home worth, which is why our calculations may or may not match the estimated value you might see on an online real estate website. Here are the primary factors that can affect the final home worth listed on your appraisal:

  • Location of home: The location of the property is very important, but it is also complicated. We consider how close it is to shopping, recreation and entertainment opportunities. We also look at the quality of local schools and employment opportunities.
  • Condition and age of home: Newer homes are generally worth more while older homes are worth less, but condition is important, too. Does it have a new roof or new plumbing? Has the home been well cared for over the years?
  • Updates and upgrades: Different updates are of varying worth when considered in different markets.
  • Recently sold homes in the area: We carefully consider other homes that have recently sold, trying to make sure they are as much like your home as possible.

Other factors that must be considered are the current local housing market, the local and wider economy at the time of the appraisal and the current interest rates for mortgages. Home worth is a constantly changing value, so it is important to get a current and accurate home appraisal when needed.