Author Topic: How do you calculate/keep track of your home's value?  (Read 696 times)

CmFtns

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How do you calculate/keep track of your home's value?
« on: January 29, 2016, 09:15:49 AM »
I like to keep track of my home's value for my net worth calculations but I am not sure how I could accurately estimate it. I use mint and it has the option to pull zillow's "Zestimate" in but this number can swing wildly for no reason whatsoever and doesn't account for any remodeling or upgrades I do to the home.

Also, how can I estimate the value of my remodeling work I do?

My own internal estimate is probably pretty close but I always tell myself that I might value it more because it's my house and I like the property or have an emotional attachment.

Any tips?
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dandarc

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Re: How do you calculate/keep track of your home's value?
« Reply #1 on: January 29, 2016, 09:28:35 AM »
Personally, I just have the place recorded at cost.  If / when we sell, I'll record the gain or loss.

If you want a more up-to-date value, some places to look:

1.  Zillow
2.  Tax assessment
3.  Look for comps nearby, which you can also use Zillow for

All of it is an estimate until you actually try to sell, so I wouldn't lose much sleep over it.

CashFlowDiaries

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Re: How do you calculate/keep track of your home's value?
« Reply #2 on: January 29, 2016, 09:47:10 AM »
Zillow and tax assessments are horrible places to find your actual value for real estate.  They are incorrect a lot of the time and you should not rely on that kind of info.

The only true way to find the valie is to check sold comparables using MLS statistics.  A realtor can provide this info for you.   Sites like Redfin say they have this capability but I have found it to not be updated properly.

If you have any local realtor friends, that is where I would start.

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CmFtns

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Re: How do you calculate/keep track of your home's value?
« Reply #3 on: January 29, 2016, 11:07:44 AM »
Right now I also just have it at what I bought it for and will probably just watch the recent sales... It's just there's not a ton of properties available and selling and if they are they aren't really super simmilar so makes it a little more difficult.
"the only efficient way to get there is on the front of the wave" -MMM