Valuing your home is essential to making informed decisions about buying or selling a property, refinancing a mortgage, or simply understanding the worth of your investment.

There are several methods to value your home, each with its own set of advantages and limitations. The process can look quite different depending on your approach, but here are some general steps you might follow:

1. Research recent sales of similar homes in your area. 
2. Take note of any unique features or conditions of your home. 
3. Use an online valuation tool or consult a real estate agent to get an estimate. 
4. If doing it yourself, calculate the price per square foot and adjust for unique features and conditions. 
5. Consider getting a professional appraisal with Starlight Property (it’s free!).

The benefit of using a professional to calculate the value of your property is greater accuracy. Being able to account for a wider variety of factors means you’re more likely to get a price your property would realistically sell for at any given time.

In our comprehensive appraisal, Starlight will consider market trends, location, property type and condition – all at no cost to you. Below we discuss these key factors of the valuation criteria we use to provide the best possible property appraisal we can for our clients.

1. Market Trends

The value of a property is largely influenced by the current state of the real estate market. Starlight will look at recent sales of similar properties in the area and analyse how prices have been trending. These “comps” or comparable sales help to determine a fair market value for your property. We will also establish whether the current market is in favour of buyers or sellers, and how that will affect the value.

2. Location

When it comes to your house price, location is the number one factor. Starlight will assess your property’s proximity to important amenities, such as schools, shopping centres, medical facilities, recreation areas and transportation. We will consider the safety of the neighbourhood, the quality of the school district, planned suburban upgrades and other similar factors that may affect a potential buyer’s assessment of the property.

3. Property Type

From the traditional single-family home to a city apartment or coastal condo; different types of properties will have different values. Appraisals will take into account the physical features of the property. Other than type, this includes other features that may affect the value, such as size of the land and the number of bedrooms and bathrooms.

4. Condition

The condition of the property will also affect its value. Starlight will assess the property's structural integrity, age of the roof, HVAC (heating, ventilation and air conditioning) system, plumbing and electrical systems, and ascertain any major repairs that need to be made. We will also consider the property's aesthetic appeal, such as the quality of the finishes, landscaping, and overall appearance of the property. As a bonus, this often provides useful insight on simple ways to up your property’s value.

With a comprehensive and bespoke service, Starlight can provide an accurate estimate of your property’s value.

We offer appraisals as a free service year-round, underpinned by a wealth of market knowledge and industry experience. Our professional and client-focused team is poised to deliver a boutique experience every time.

Whether you’re considering buying, selling, refinancing or just want to know the value of your property, consider the Starlight team. We pride ourselves on being able to help you make better decisions for your future.

Get your free property appraisal today!