One of the biggest hurdles when selling your old home is figuring out how much it will sell for. You may have found this article by typing in “How much is my home worth?” online, seeking to find an answer. Well, you’ve definitely come to the right place! It’s easier to figure out home value than you might suspect. Here’s some things to look out for when assessing the value of your home.
Do you find yourself constantly asking “How much is my home worth?” Do you need help buying or selling your home? Then call Infinity Realty. We make your moving process easier in so many ways. We’ll help ensure your home buying experience is seamless. We can provide you the best tips on real estate in the Lowcountry. Contact us today, and let us help you find your perfect Charleston home!
What to Look For When Answering: “What is My Home Worth?”
One very easy way to determine the value of your property is to check your property tax. If you know what you paid in taxes last year, and you know the tax percentage for your state, it’s just a matter of doing some simple calculations. For example, in South Carolina, primary occupied residences (meaning you need to live there) are taxed at a rate of 4% of the overall value. If you are looking to sell a beach house or summer home, it’s taxed at 6%. Let’s say you paid $2000 in property tax on your primary home (wouldn’t it be nice if it were that low?). $2,000 is 4% of $50,000, so that is the overall value of your home.
Check Local Regulations
Different states have different rules on property taxes, and it’s important to take that into consideration when assessing your home. You may have seen our recent column about Charleston Property Tax, which also contained some information about property value. Every five years, assessors determine the overall market value of a property in order to properly tax it. Check with your local assessors for the most updated records regarding your property. One important thing to remember: if the property has increased in value, that increase cannot go higher than 15%. So, if your home was worth $100,000 upon last assessment, it can not be appraised higher than $115,000 with the most recent one. But that cap is lifted if the property changes owners or if you make major additions to it. Maybe it’s time to build that new fence you always wanted?
Also Check the Values of Your Neighbors Properties as Well
Assessors are good at their jobs, so this next scenario is unlikely to happen, but it may be helpful to check the value of other houses in your neighborhood. If you are noticing a significant discrepancy in what your home is valued at versus what other properties are valued at, you could contest the assessment with your local government. If they rule in your favor, your property’s value could be bumped up to match the value of the rest of the neighborhood. Again, this is unlikely to happen, as most value discrepancies occur because a house is in notably poorer condition than the surrounded properties. But it is worth checking up on, regardless!
Call Infinity Realty for an Even Easier Way to Assess Your Home
When you’re ready to learn your property’s value and sell your home, make a call to Infinity Realty today. In addition to our team of some of the most professional agents you’ll encounter, we offer a handy property value estimator through our website. We can help you determine your home’s value and find you a new place that accommodates both your tastes and your budget. Our staff knows the Lowcountry well and is acquainted with all of the facilities, resources, and services available in each community. We’ll make sure to fit you with a home you’ll love!