When you buy or refinance a home, you will need to get an appraisal. Appraisals help justify mortgages by reinforcing what houses are worth. Finding out the value of your home can also be important when it comes time to sell. Unfortunately, home appraisals conducted by licensed or certified appraisers can cost hundreds of dollars. If you don't need an official appraisal but are curious about how much your house is approximately worth, there are a couple of simple ways you can get free estimates.
Write down your home's information. This is the data appraisers use to figure home values. Each figure is used to calculate your home value estimate in a large equation. Here are some of the figures you will need: lot size/acreage, approximate square footage, type of home (townhouse, single family home, condo), number of bedrooms, number of bathrooms, available parking, status of the basement (full, partial, crawlspace, none) and general overall condition of your property.
Visit GetMyHomesValue.com. This site offers a free online home appraisal tool that will let you know your estimated home price. However, this site will give you a very rough property estimate and is usually not accepted by financial institutions and potential buyers. This site is strictly for ballpark property appraisals to give you a general idea of what your home is worth.
Visit a real estate appraisal school and ask teachers if their classes would like to use your house for practice appraisals. This will involve opening your house to a bunch of students for a day or two but can be a great way to get a free property appraisal.