by Allen Teal

Created on: May 10, 2007   Last Updated: May 17, 2007

In determining your the value of your house, first ask yourself why you want to know this. If you're just in a curious mood, you don't really need an extremely precise number. If it's not going to be challenged, there's no reason to go to a lot of trouble or expense. By the time you need it to be official, your best guess will be out of date whether it's been done by a professional or an amateur.

The easiest way to find out the value to just check around the neighborhood for houses that are for sale. Call the agents and find out the asking price. These numbers should be in the ballpark of the true value of the properties. Next, go knock on your neighbor's door and ask how much they paid for the house. If you're shy about this, you can go to the county court house and find out from the public records. It might even be online.

Compare the buying price to the selling price. Find the percent of increase by dividing the buying price of the house into the selling price. If housing values are increasing in your neighborhood, this should be a number larger than one. Take the percent of increase and multiply it times the amount that you paid for your house. This will give you a thumbnail feel for the value of your house.

If you need a better estimate, you can compare your house to all of the houses in the neighborhood that are for sale. Find the ones that most closely resemble your home in style, size, number of bedrooms, etc. You will have a high and low number if several houses are on the market.

Now, compare the condition of your house to those. Be honest about this. Decide about where your house falls into the mix. This will give you a good idea of your value if the houses are selling near the asking price. You may want to do a little research on homes that have sold in the past few months and add those numbers into your range.

Add money onto the value if you have replaced a furnace, water heater, roof, or made other major repairs. Subtract money if you know that these things are aging and replacement is just around the corner. Also, factor in lot size and location. If you are in the better area of the neighborhood, this adds value. The reverse is true also.

If all else fails, hire a professional. You will need to pay from $100 to $1,000 depending on the size of your home, and the amount of research needed to arrive at a value. A good real estate agent can usually get you into the right range without this cost if you are planning to sell right away.

Learn more about this author, Allen Teal.
Click here to send this author comments or questions.