(269) 445-8877

Home Valuation

FIND OUT HOW MUCH YOUR HOME IS WORTH

MAXIMIZE VALUE WITH EXPERT PROPERTY VALUATION

Welcome to Lake Life Realty’s Home Valuation guide, your essential resource for understanding and maximizing your property’s worth. Whether you’re planning to sell, refinance, or simply stay informed, knowing your home’s true value is crucial. Our comprehensive guide walks you through the valuation process, explaining different methods and their importance in various scenarios. With expert insights and our advanced valuation tools, we’ll help you navigate the complexities of real estate valuation, ensuring you make informed decisions about your most valuable asset.

What is my home worth?

Understanding the value of your home is crucial for planning and making informed decisions. It is especially important if you are preparing to sell the home. Knowing the value can also help if you plan to borrow against the property. At Lake Life Realty, we offer a comprehensive and precise valuation tool. It surpasses the information available on mainstream real estate platforms. Contact us for a tailored comparative market analysis or to discuss a professional appraisal. We’re here to give you the insights to navigate your real estate journey confidently.
BOOK A HOME VALUATION

ANOTHER HAPPY LAKE LIFE CLIENT

"Paul went the extra mile with our listing. He made suggestions for improvements to get it sold. He negotiated with the buyer to get us a fair contract." - Mary B.

What is a
Home Valuation?

Home valuation safeguards financial interests in real estate transactions.

A home valuation is a professional estimate of a home’s current market value. It’s essential for real estate deals because it can help you set an accurate listing price or understand your borrowing needs. When you get a mortgage, the property backs the loan. If you can’t repay the loan, the lender might foreclose on the house to recover their investment. A proper home valuation helps ensure the bank can cover costs if you can’t repay the loan.

How is the valuation of my home calculated?

Home valuation combines multiple factors and dynamic market data.

Several factors determine the value of your home: its location, age, size, condition, upgrades, and recent sale prices of similar homes nearby. It also considers current market trends and local conditions. Our dynamic valuation tool can account for inventory, interest rates, and buyer sentiment.

How accurate is the online home valuation?

Online valuations offer estimates but may miss unique property features.

Using online tools to estimate your home’s value is an excellent start, but they might only include some of its special features. Recent upgrades, unique features, and how people see the market can all affect the actual value. You should get a professional to visit your home in person for the most precise evaluation. HOW IS A VALUATION PERFORMED?
BOOK A HOME VALUATION

2 ACCURATE WAYS TO VALUATE YOUR HOME

Home Valuation Process

MARKET ANALYSIS

COMPARATIVE MARKET ANALYSIS

A Comparative Market Analysis (CMA) is a tool used by real estate agents to determine a home's worth. Agents look at similar homes that have recently sold in the same area. They pick out the three properties that are most like the one they are evaluating. The agent then considers the similarities and differences to determine a comparative value.

APPRAISALS

BASED ON A PROFESSIONAL’S OPINION (40

An appraisal is a professional's opinion on how much a home is worth. Mortgage companies often rely on appraisals for home purchases and refinances. The homeowner or buyer usually pays for the appraisal, which can cost up to $500. An appraiser carefully inspects the home's interior and exterior, considering recent sales of similar homes and market trends. They create a detailed report with a building sketch and map showing the home and similar sales. The report will also include photos and other essential details. WHY IS A VALUATION IMPORTANT?

THE IMPORTANCE OF HOME VALUATION

Situations that may be Necessary

REFINANCING

LOANS BASED ON HOME VALUE

Lenders decide how much they'll loan you based on your property's value. Typically, they'll let you borrow between 75% to 96.5% of that value. Knowing your home's value helps them figure out how much equity you have. More equity means you could get better terms when refinancing.

HOME IMPROVEMENTS

BALANCE RENOS WITH MARKET TRENDS

Home improvements can increase market value. Strategic upgrades can also help a property stand out in a competitive market. However, you need an accurate understanding of how any upgrades impact value. Getting a valuation can help you see where your home stands compared to others nearby so you can decide on improvements.

CREDIT QUALIFICATION

QUALIFY FOR HELOC

A Home Equity Line of Credit (HELOC) can be a good option if you need to borrow money. These loans offer a way to open a line of credit with your home equity as collateral. Homeowners typically need at least 20% equity in the home to be eligible. A home valuation will check if you meet the requirements, and the lender will use it to decide if you qualify for the loan.

PLANNING

KNOW YOUR HOME'S VALUE

While not essential, knowing your home's value is useful. It can help with future financial planning. Understanding your home's equity and potential borrowing or selling options can assist when responding to unexpected financial challenges.

Work With Us

LET'S GET TOGETHER

If you're looking for a perfect place on the water, bring your family down to Southwest Michigan. You'll never run out of things to do or places to explore.

CONTACT LAKE LIFE

[email protected]

(269) 445-8877

69150 Sunset Blvd, Union, MI 49130

Copyright ©
Lake Life Realty | Privacy Policy | Terms of Service | All rights reserved. | Real Estate Website Powered by ReadTomato