Home Appraisal Tips

Home Appraisal Tips

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The value, or worth, of your home are the sum that you can sell it now on the open market to a willing buyer in a fair trade. There are various variables that determine how much someone would buy your home usually, a buyer will pay about the same sum for which comparable houses are selling in the region. Houses that have recently sold which are comparable to your are known as Comps, or comparable. You need to use details about these comps to calculate your home worth. Gather the sales price, sq footage along with other details about homes that have lately sold in your neighborhood.

Home Appraisal Tips
Home Appraisal Tips

You may get this info from web sites that provide latest sales information, or from the realtor who sells homes in your community. Choose out of your findings at least four houses which are most like yours and who has sold most recently to use as comps. These houses should be comparable in age, have the identical number of rooms and toilets and ought to be about the same size. Assume your home is 3, 500 sq legs and two stories. A 3, 700 sq foot two story home on the road that sold last month would make a great comp, a 1, 500 sq foot single story home that sold 9 months past could not.

Home Appraisal Tip

Divide each comp sales price by its sq legs to figure it cost per sq foot. Assume a 3, 700 sq foot comp sold for $800, 000. Divide $800, 000 by 3, 700 to get $216.22 per sq foot. Assume the other comps prices per sq foot are $180, $205.50 and $282. Cross off your list the comps with the greatest and lowest cost per sq foot to exclude any potential outliers in your approximation. The cross of the compositions which sold for $180 and $282 per sq foot. Add together the cost per sq foot of the outstanding comps. Divide your result by the amount of remaining comps to work out the typical worth per sq foot.