What Is Your House Worth Now?
If you’re considering a remortgage or any further lending on your home, you’ll likely want to compare the options that are available to you and get the best deal you can. Doing this requires that you have certain information to hand, and you’ll get a far better idea what your options are if you have a reasonably accurate impression of the value of your property.
Lenders
If you do go ahead and apply for a remortgage for example, many of the lenders will carry out a formal valuation on your property, particularly if you’re looking to borrow more than a certain percentage of the property’s value. Naturally a formal valuation is a thorough way of arriving at the value of your house, but it is a costly process and only takes place in this way once you’ve actually initiated the process of applying for lending.
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If you’re shopping around for a remortgage, you may well want to get a good idea of the value of your property but without the expense of having a formal valuation carried out on it.
Thankfully, there are a number of tools available online and other resources that can help you to work out what the value of your property is likely to be.
Compare
The best way to get a good idea of the value of your property is to find out about what prices similar properties in the area have sold for recently. A number of websites publish this information, so you can use this as the basis for your calculations.
Most of the resources in question will allow you to enter the area and sometimes even address that you want to know about. The Land Registry keeps a record of house sales in the UK, so much of the information comes from their data.
When you are looking at how similar properties have sold, bear in mind such factors as: the size of the property; the number of bedrooms; any gardens or outdoor areas; the general state of repair of both the interior and exterior of the property; where the property is actually situated in comparison to yours (e.g. if it’s next to a busy road).
Estimate
Essentially, you can’t find out what the actual value of your home is unless you sell it or have a formal valuation done on it, but using the available resources you can get a pretty good idea.