What's my Home Worth?
People don’t just look for property when buying a house— they’re looking for a place to build their home. That means there is a lot to consider when performing an adequate valuation. You may have heard of the importance of location, but do you know what makes a location more desirable? Do you know what to consider outside of location? Take some time to answer the following questions—each can make or break the value of your property:
- Floor Plan – Do you have a floor plan of your home? This will help to determine the exact square footage. Most all comparable sales will be based on a price per square foot and this calculation is critical in determining the highest and best price.
- Survey – Do you have a survey of the subject property? If not there should be one available through the county Register of Deeds office.
- How many acres do you own?
- Are you a member of an HOA? Is your home in a subdivision? If yes, then you may be subject to restrictive covenants. If so, it's a good idea to keep a copy or have a link to the current amendments and rules.
- List of any upgrades or improvements that have been recently made, including large repairs like – New Water Heater, HVAC Unit, New Roof, New Flooring, etc.
- Tax Card – Do have a copy of the county tax card indicating the annual tax fee and assessed tax value (be mindful that tax value is NOT Real Estate value).
- Residential Property Disclosure Statement – This is a form used in North Carolina that outlines all of the sellers known “conditions” of a property. If you have a leaky sink, then this is where you highlight some of the stuff that could need to be repaired. It is also the place where you get to show what work has been done and when, a very useful tool.
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- If your home was built before 1978 do you know if you have any Lead Based Paint?
- Are you near any airports that would require a Noise Pollution disclosure?
- Mineral, Oil and Gas Rights Disclosure – Do you own all of the rights to your property?
- Distance to Amenities – How close are you to hospitals, big box retail, Starbucks, super markets, etc.
- School Districts – Know the school systems, people are always interested in School Districts
- County or City ETJ – Is your home inside the city limits, or are you outside in the county?
- Are you on County or Municipal water and sewer? If not, are you on Well and Septic?
- Who are your utilities providers?
- Does your home have high speed internet available?
- Have you considered what appliances and/or personal property that not would convey?
Value isn’t just materials, it’s also trust in the property. To this end, you may wish to have a home inspection completed by a licensed professional. Most of the time a buyer will want to have the house inspected prior to closing anyway and scheduling an inspection early can give you a head start to identify and fix any defects that could cause health and safety issues or structural and mechanical concerns.
Where Do I Start?
It can take a while to track down all the necessary resources for a price evaluation. We’ve put together a comprehensive set of informational documents, sample agreements, legal disclosures, and other resources that you might find useful while determining the price of your property or working with a real estate agent. If you have any questions about any of these documents or want more information, CLICK HERE to get in touch with one of our Local Land Specialists.