3 ways to get a free home appraisal and check your property value
3 ways to get a free home appraisal and check your property value
Whether you’re gearing up to move, thinking about remortgaging, renewing your home insurance, or just curious, getting an accurate property valuation is wise. The only problem is that professional appraisers charge literally hundreds of dollars for their services, with averages sitting at between $200 and $1,000 a pop. The size and complexity of the property are the main issues to contend with.
Thankfully, you do have options for significantly reducing the cost of this process, to the point that you won’t even have to pay a penny the next time you want to check what your home is worth. The team at Offerpad has put together just three options to consider, and what makes them worth exploring.
Turn to Online Appraisal Tools
Technology is your friend in terms of getting a property appraisal that doesn’t cost anything, and there are tools designed specifically to provide impressively accurate estimates in a matter of minutes.
For instance, you can use web-based valuation services to appraise a home online in no time flat, with only a few pieces of info about the property required to kick start this process. There’s so much data available, and so many clever algorithms working behind the scenes, that platforms like this can be exact, without the need for an in-person visit from a property expert.
The best reason to go this route, at least initially, is that it is, of course, a no-obligation experience. And since online tools like this are automated, the estimate you receive is available on demand, rather than being bound by office hours.
Contact a Reputable Local Realtor
If you’re a little further along the road to deciding whether to sell up, getting in touch with a real estate agent in your local area is a good idea. While they will charge for their services if you take things further, an initial Comparative Market Analysis (CMA) is typically something they’ll provide for free, as a sweetener to get you on board as a client.
CMAs are put together based on broader trends in the property market where you live. So the realtor will research recently sold homes of a similar type to yours, alongside listings that are still active, and blend in more tailored elements such as any unique or valuable features you might bring to the table. That’s where a recently remodeled kitchen or a spacious double garage comes into play.
This all matters because local markets are very different beasts from the national norm. So while the entire real estate sector in the U.S. is expected to grow by just 3.31% this year, the quickest-expanding location of Dallas-Fort Worth is doing so 3.5 times faster.
The agent may provide a free CMA remotely, or they may ask if they can visit in person to formalize their assessment. In either case, this will be a little more accurate and undeniably less convenient than using an online tool.
Look to Lenders
You’ll be unsurprised to hear that mortgage providers are another category of property market professionals that will be more than happy to check your property value without charging an average of $400 for the privilege.
If you already have a mortgage, it is worth checking if your current lender has a valuation tool available to use. This could be remarkably accurate because they’ll have a lot more information about your property on hand, and you won’t necessarily need to re-enter details to get the ball rolling. Of course, if you’ve made any major changes to your home since buying it initially, notifying the lender to ensure these are factored into the appraisal will be necessary.
Another talking point regarding lender valuations is that you can find mortgage providers that will approve you for a home loan while also waiving the need for an appraisal altogether. They can do this because of the aforementioned volumes of data they have, which gives them the confidence necessary to greenlight loans without the added cost of a professional appraisal being a burden for customers.
The Bottom Line
There are many circumstances in which getting a paid home appraisal is pointless, and relying on free online tools, CMAs from local realtors, or estimates from mortgage lenders is a more cost-effective option. You’ll benefit most from this approach if you are very early in the process of selling your home, or you simply want to know where you stand out of curiosity.
Eventually, it may be necessary to have a professional appraisal, especially if this is a condition of home loan approval. However, quick and cost-free property value checks are both desirable and accessible, so seek them out to stay informed.
This story was produced by Offerpad and reviewed and distributed by Stacker.
