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The value of a house is a very individual value, though to a certain extent depends upon local trends. In order to find the value of your house, research is needed, though here, questioning your reasons for wanting to know the value of your home is essential, since there are three types of value, which are different and will give different results.

*Insurance Value.

*Real estate Value.
*Equity Value.

INSURANCE VALUE

When you take out home insurance, what you as an owner are expected to do is to estimate the cost of a replacement building in the case of fire or damage. Many people use the market value as a guide, although are disappointed when the Insurance company refutes the value that is written into the Policy that insures your home.

An Insurance Value is always higher than the actual market value of the home, bearing in mind that costs fluctuate, and that you want to replace like with like. Each home has it's value, though looking realistically at what the replacement value of the home would be is essential in determining the amount you declare in your home insurance.

Here, seeking the advice of the professionals is essential. An assessor from the Insurance company can be invited into the home, and be asked to give you a written valuation of what he believes is a realistic value for the replacement of the home. This ensures that you are covering yourself in the case of disaster, in that the price agreed at between you and the insurance company cannot later be refuted by the Insurers, since it is their own specialist that put the value on the home in the first place.

Keep all correspondence, and here it would be wise to lodge such documents at the bank, so that in the event of fire, they are not destroyed.

REAL ESTATE VALUE

The real estate value of your home is the price you can expect to receive if you were to put your house on the market at the present time. When establishing values of homes, real estate valuers will give you a valuation of the home, based on what they believe they can sell the home for. They will not usually over-estimate since it is not in their interest to do so. What happens when over-valuation takes place is that the house will remain on the market and not be sold.

Looking at local newspapers at the prices of houses for sale, comparing what they offer with what you offer will give you a good indication of what you can realistically expect to get if you sell your home, although it would be wise to get several valuations from real estate agents

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