Robert: What’s going on, YouTube people? Robert here with Windmill Valley Properties, and today we’re talking about how to find the value to your house.
All right, let’s jump right into it, guys. Today we’re talking about how to find the value to your house. Well, we’re going to make this one real short today. Go on Zillow, find the estimate and that’s it, you’re done. Get out of there, they’re accurate, you know that’s… I’m kidding, that’s not how this is done at all. Please do not do that. That is probably the worst thing you can do. All right, so there is a little bit of a system and a way to do it, to find the accurate value of your house. We’re going to talk a little bit about that. There’s a couple key components you guys will need, I’m going to cover them briefly. I will probably cover them more in detail in another video, but we’ll talk about it here just a little bit.
So, how to find the value. The number one way to find the value to your house is comparables. What are comparables? Comparables are properties that are comparable to yours in terms of age, size, location and use, that are selling in the area. So a good example of this is if you have a two bedroom house on Main Street, you’re going to use the next two bedroom house that’s closest to you on Main Street that has sold to kind of come up with a idea of what your property’s worth. Now, if that two bedroom house on Main Street is in pristine condition, was newly renovated and updated and built in the ’70s, and yours is from the ’40s and it hasn’t been updated since the ’60s, chances are that’s not going to be a great comparable for you.
So what you want to do is, the first thing you want to look at when you’re looking at comparables is distance, neighborhood. How far away from it is your property and is the neighborhood similar? The next thing you want to look at is age. If your house was built in the ’40s and the other one was built in the ’80s, stylistically they’re going to be a little bit different, layout, use, condition most of the times. So that’s kind of an important factor. And then other thing to look at when you’re thinking about comparing your house for a sale is use. Use or style, or whatever you want to call it, I guess they could be kind of different. So if you’ve got a mid-century modern home built in the ’80s and the only thing selling around you are ranch houses from the ’30s, kind of hard to compare those. The style and the use is a little bit different.
So those are some of the things to think about when you’re coming up to find the value of your house, is comparables. That’s really the only way to come up with the value of your house outside of an investment property. Investment properties are a little bit different, we’ll cover that in another video. But if you want to know how to come up with the value of your house, the number one way, and really the best way is going to be comparables. If you guys have any questions or comments, put those below, smash the like button, smash the subscribe button, share this with your friends. We look forward to giving you guys some knowledge and we’ll check in with you guys tomorrow.