Home Appraisal Tips & Advice
Free Home Value Calculator Tools Assist in PlanningMay 1, 2008
Free home value calculator tools are widely available online and can be used to plan for home improvement projects, selling your home, or home financing. Home Values: Knowing Important Numbers
May 1, 2008
As home values decline in many areas it's essential to know your home value, understand real estate market trends in your neighborhood, and calculate how much you owe on mortgage loans. This information can help you avoid problems with mortgage debt and refinancing.
Changes Ahead for Home Appraisal
April 16, 2008
New laws are being designed to stop appraisal fraud and stop bad home loans from entering the market. Free Home Value Estimates Assist in Planning Financial Goals
By Karen LawsonHome Worth Columnist
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Financial experts frequently suggest that homeownership is a key component of building wealth. The idea is to accumulate home equity, which is the difference between what you owe in your home mortgage loans and the current value of your home.
Equity can rise and fall according to the type of mortgage loan you have, fluctuations in property values, and the attachment of additional liens or judgments against your property. If you're considering using some of your home equity to meet current or future financial needs, you'll want to review your present financial situation, determine your goals, and decide what kind of home equity financing can achieve them.
Getting Free Home Value Estimates Online
Many real estate companies and mortgage lenders offer free home value calculator tools online. These can be useful for getting an idea of your home value, but are not intended to provide precise valuations. Factors that can affect home value include:- Regional market trends: Does your home offer the amenities commonly sought by buyers in your area? Are home values trending up or down?
- Taxation: Due to large increases in home value in many areas, property taxes have also gone up. Home value can be influenced by property tax rates to some extent.
- Environmental: Your home may be a palace, but if it's near an environmental hazard or there is litigation or documented environmental problems in your area, these can negatively impact home value.
- Location: Two homes of the same size and condition can vary in price due to location. Popular neighborhoods, desirable amenities such as shopping and recreational venues can increase value.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.