Oftentimes you may not want to sell your house but still wonder, “How much is my house worth?”. It may seem like an idle curiosity at first, but knowing the value of your house can help you make well-informed financial decisions. The utility of your property’s value goes way beyond just sales. It helps you calculate your net worth, the fiscal weightage of one of your biggest assets, and decide your future course of action. After all, you may not want to sell now, but there is definitely no harm in keeping track of market conditions.
Even from a new home buyer’s perspective, knowing a property’s value from sources other than your broker can help you determine whether you’ve been quoted a fair price or not. This makes home valuations necessary even without seeking a sale. But, how do we gauge a home’s value if we’re not looking to sell it?
Best Ways to Get Your House Valued Without Selling
Here are the top ways to get your house valued by reliable sources without putting it up for sale.
Contact Estate Agents
There can be no better way of finding what your home is worth than getting in touch with an estate agent. Since most deals happen via them, estate agents know the ground reality of their industry. They can provide detailed insights into the current value of your home along with suggestions that may help you elevate it without incurring huge costs. In fact, they’ve usually certified sources for property valuations, providing reports that can be used for multiple home-related activities.
According to a recent market study, traffic on estate agency websites increased by 126% from 2020 Q1 to 2021 Q1. This is an obvious indicator of the faith people put in real-estate professionals when it comes to selling, buying, renting, or valuing their property.
Do Your Research
Most of us are on our phones or laptops throughout the day anyway, so why not use the power of the internet to find out what your home is worth?
You can check out listings of similar properties as yours in corresponding areas to get a rough idea of what the current market price of your house may be. Since inflation and the economic state of a country heavily impact a property’s worth, this method isn’t very effective in guessing the intrinsic value of your home. But, it helps you understand the price appreciation of your space since purchase and what you’d have to pay if you wanted to buy the same house as per current circumstances.
Go to Open Houses
Open houses are a comparatively new concept in the UK, but they’ve gained popularity in the industry over recent years. Walk into open houses when you’ve got some time to find out the prices of analogous properties. You can also discover the degree of renovation it might require for your home to gather the same value. More than anything, it’s a fun and informational activity to partake in if you’re a real estate enthusiast.
Just because you aren’t interested in making a sale doesn’t mean you can’t make any money out of your property. Renting or leasing your property at a fixed rate can help you understand the valuation process quite well and judge the price of your house accordingly. It’s a good way to value your house in the market while still keeping control over it.
Apart from reaching out to estate agents, other modes of home valuations can only give you rough estimations, which must be taken with a pinch of salt. Regardless, this can be a good starting point in your property valuation journey. It will prepare you to make major decisions regarding your house smartly in the time to come and also set you up for success in case you ever consider selling your house.
You may also use your home as collateral to generate required funds in case of household emergencies. Although, before using your home valuation to seal any important deal, always refer to an industry veteran for expert guidance.