How To Find Out How Much Your House Is Worth – For Free! (Ep204)

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Whether you own an investment property or your own home you may want to find out how much your house is worth, absolutely free!

Today I’m going to show you three different ways to find out how much your house is worth absolutely free.

Hey I’m Ryan from onproperty.com.au your daily dose of property education and inspiration and today we’re talking about how to find out the value of your home. Now finding out the exact value of your home is very difficult because truthfully the exact value of your home is what someone is willing to pay for it, and you’re only ever going to find that out when you actually go to sell your property and you’ve got real bidders who are actually making offers on your property. But from time to time we may want to know for our personal benefit what our property is worth and so we can do the numbers and see if this investment is worthwhile. These free methods that I’m telling you are not something that’s going to get you an equity loan with your bank. In order to extend your equity and get a valuation done so that you can borrow against the value of your home, you will need a formal valuation done which more often than not costs money. It costs around $300 to $500 to get that done but this is for your own personal benefit so you can look at your own investment and see if you’re happy with the growth.

The first method is a website called onthehouse.com.au. Onthehouse is a really great site that has a lot of free data available on different properties and one of the great things about onthehouse is their valuation tool. All you need to do is simply type in your street address into Google and then at the end of it write onthehouse as one word. It can be separate words as you want but you’ll definitely get onthehouse if you just type street address and onthehouse. Afterwards google will know that you mean you want to go to onthehouse.com.au. Otherwise you can simply go to the website onthehouse.com.au and type in your street address there, find your property and it’s going to give you a valuation. Now depending on how much data they have on your property, how many times the property’s been sold, what sort of properties  in the area have been sold recently so they can compare it to your property. The valuation may be like very accurate or may be a little bit off. So obviously with all these free valuation tools take them with a grain of salt.

The second method that you can use is to simply call up a real estate agent and say, “hey look I’m just wanting to get my house valued and is that something that you guys would be able to do, just trying to find out a rough estimate of what it’s worth.” Now a lot of real estate agents have access to a back end software, maybe its RP data, maybe its APM. There’s a bunch of different products out there that real estate agents have access to in order to value people’s houses and so they may be able to help you out because obviously if you decide that your house is worth a great deal and maybe now is a good time to sell well then the chances of them getting that deal and working with you are going to be quite high. So it’s worth their time investing in you whether you sell your house now or whether you’re going to sell it down the track, so it may be worth talking to them.

You can always be upfront and say look I’m not really considering selling my house now but I do want to find out what it’s worth so I can go ahead and do my finances. Are you able to do a valuation for me? They might say no, if they say no well maybe try different real estate agent. But that’s probably the way to get a more accurate representation of what your property is worth, cause not only will they use their back end software to access all their data will give them a good valuation, but they can actually use their own human judgment, which in a lot of cases is going to be more accurate than what computers are going to say the moment anyway. So they can use the data, mixed with their own interpretation of the market because obviously they’re in the market every single day and they can give you a valuation of what they think your property is worth.

It’s important to know just because a real estate agent or website values your property to certain amount when you go to your bank and decide that I’m going to get my property re-valued, the valuer won’t come back necessarily with the same result. Many valuers use different criteria to value their properties so it really changes from valuer to valuer so you can’t count on the fact that because a real estate agent says that your property is worth a $100,000 more than you paid for it, the bank’s valuer is going to do the same thing because they might be more conservative and only value it at $50,000 more than you paid for it so you just need to be aware of that.

And the third method that you can use to find how much your property is worth is to get an RP Data Report. Now usually these reports are pretty expensive. If you’re looking at the report on your property, I think they’re around $40 to $50. There is a method where you can get them absolutely free. This is a legal method, it’s not some illegal method like you’re hacking into their site or something it is completely legal. There is a service provider who will provide you with free RP Data Reports but as you may have guessed it I’m going to hold back that information because it’s only available to members inside onproperty plus. So if you’re interested in learning how to get as many free RP Data property reports as you want sign up for onproperty plus by going onto onproperty.com.au/plus. No RP data and those reports aren’t actually a part of the membership. I’m not the service provider who provides them but I’ll show you exactly how to get them. All you need is either an iPhone or one of those Android phones you know there are so many different Android phones. If you want to check out onproperty plus go to onproperty.com.au/plus

So there’s three ways to find out the value of your property absolutely free. There are other tools out there but they are going to cost you money or they’re not very accurate , so I do recommend either onthehouse.com.au, speaking to your local real estate agent or getting one of those RP Data reports like I talked about. Until tomorrow remember that your long term success is only achieved one day at a time and if you want the full transcript and blog post and audio for this episode go to onproperty.com.au/204 for episode 204