| Your home might be worth more than you think. | | | | typically use three approaches when |
| Whether you're happily settled, or getting | | | | evaluating your home: the cost approach; the |
| ready to sell, it never hurts to know how | | | | sales comparison approach; and the income |
| your investment is doing, especially if | | | | approach. The cost approach estimates the |
| you've lived in your home for a long time. | | | | value of your property by summing the land |
| Population increases, new homes or amenities | | | | and depreciated value of any improvements, |
| nearby, and economic trends can all impact on | | | | while the sales comparison approach examines |
| property value, and might change how you feel | | | | the price of similar properties in your area, |
| about your investment. | | | | and the income capitalization approach |
| | | | capitalizes an income stream into a present |
| As an expanding industry, property valuation | | | | value, for commercial and investment |
| has become very accessible to homeowners who | | | | properties. |
| want some quick numbers. There are a variety | | | | |
| of new property evaluation services competing | | | | Many real estate professionals also offer |
| to appraise your property first, and many of | | | | home appraisals, which they commonly referred |
| them are free. As a result, service from | | | | to as Comparative Market Analysis. This |
| traditional home evaluators has also improved | | | | service usually involves the sales comparison |
| dramatically in recent years. | | | | approach, and is almost always offered free |
| | | | of charge, since real estate agents see it as |
| Getting a home value estimate from a | | | | a valuable lead generation tool. A real |
| professional appraiser is still the most | | | | estate agent can also provide a reliable |
| reliable way of checking your home's value. | | | | referral to a professional appraiser. |
| In the U.S., the quickest and easiest way to | | | | |
| find someone for this is through the | | | | While hiring a traditional appraiser might |
| Appraisal Institutes's list of Associate | | | | provide the most accurate estimate of your |
| Members. The Appraisal Institute is the | | | | home's value, many property owners are taking |
| largest and oldest group of professional real | | | | advantage of free home appraisal services |
| estate appraisers in the world, with more | | | | that offer a less accurate figure. The most |
| than 22,000 members. Here you're likely to | | | | prominent of these is real estate media |
| find one or two home evaluation professionals | | | | source Zillow, which compiles as much |
| in your area, no matter how remote it is. A | | | | information as possible on an area to provide |
| typical fee from an appraisal institute | | | | home value estimates. |
| associate can range anywhere from $200 to | | | | |
| $500, depending on the size of your property, | | | | Knowing your home's value can help you plan |
| and number of buildings on it. Outside the | | | | for the future more effectively, and decide |
| U.S., prominent industry groups include the | | | | whether or not it's time to sell. With all |
| Appraisal Institute of Canada, and the Royal | | | | the property evaluation resources available |
| Institution of Chartered Surveyors. | | | | these days, you can check up on your |
| | | | investment with little stress and effort. |
| A professional real estate appraiser can | | | | |