So what is the fair market value? This value determines how much you can sell your home for in the current market. There are two things that can impact the value of your home.
One is that the buyers and the sellers act in their best interest and under no pressure. Knowing the property and there being an reasonable amount of time to complete the transaction of the sale.
Under these circumstances, the actual value of the home and the FMV should be close. This is crucial for a home involved in eminent domain being exercised, a settlement of an estate or a divorce settlement. A homeowner knowing the fair market value of their home can prevent them from being taken advantage of as well as knowing the actual value of their property.
In order to determine the fair market value of your home there are three steps you can take to get an accurate number. This number will help you to get all the value out of your home during a sale.
You want to start with looking at the comps. Comp stands for Comparative Market Analysis. You will search for properties like yours and find out what they sold for. Also, find out the prices of homes like yours currently on the market. Use websites like zillow.com and realtor.com to find the comps if you don't know a real estate agent.
After finding the comps, hire an appraiser to appraise your home. Have the appraiser inspect your home from top to bottom. They will look closely at any renovations or upgrades, structural construction of the home and its general condition. Finding their own comps is also a responsibility of the appraiser. The properties renovations and condition will be compared to similar homes in the surrounding areas. The value that is determined by the appraiser will be very close to the property's actual worth.
Once the appraisal is complete the last step is to find out the complete cost of replacement for your home. This cost includes the value of the land in which your house sits as well as the cost, including labor and materials to replace the entire home.This is very necessary to determine if there are no homes like your in the area to get comps from. This is another way to bring you an accurate number of your homes FMV.
The FMV is an important number because when it comes to selling your home you want to make sure you get what it's worth or maybe more. The above steps can help you determine an accurate number when looking for your homes fair market value.
One is that the buyers and the sellers act in their best interest and under no pressure. Knowing the property and there being an reasonable amount of time to complete the transaction of the sale.
Under these circumstances, the actual value of the home and the FMV should be close. This is crucial for a home involved in eminent domain being exercised, a settlement of an estate or a divorce settlement. A homeowner knowing the fair market value of their home can prevent them from being taken advantage of as well as knowing the actual value of their property.
In order to determine the fair market value of your home there are three steps you can take to get an accurate number. This number will help you to get all the value out of your home during a sale.
You want to start with looking at the comps. Comp stands for Comparative Market Analysis. You will search for properties like yours and find out what they sold for. Also, find out the prices of homes like yours currently on the market. Use websites like zillow.com and realtor.com to find the comps if you don't know a real estate agent.
After finding the comps, hire an appraiser to appraise your home. Have the appraiser inspect your home from top to bottom. They will look closely at any renovations or upgrades, structural construction of the home and its general condition. Finding their own comps is also a responsibility of the appraiser. The properties renovations and condition will be compared to similar homes in the surrounding areas. The value that is determined by the appraiser will be very close to the property's actual worth.
Once the appraisal is complete the last step is to find out the complete cost of replacement for your home. This cost includes the value of the land in which your house sits as well as the cost, including labor and materials to replace the entire home.This is very necessary to determine if there are no homes like your in the area to get comps from. This is another way to bring you an accurate number of your homes FMV.
The FMV is an important number because when it comes to selling your home you want to make sure you get what it's worth or maybe more. The above steps can help you determine an accurate number when looking for your homes fair market value.
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