Engel & Völkers
  • 4 min read
  • 05.08.2024

How to Estimate the Value of My Home: Accurate Methods and Resources

Elegant white house with modern additions and landscaped garden, showcasing how aesthetic improvements contribute to increasing property value. The home features a slate roof, arched windows, and a glass-enclosed porch, surrounded by lush greenery and manicured shrubs, illustrating effective ways to boost a property's market appeal and worth.

Before starting the selling process, it’s crucial to know the exact value of your home without errors. Fortunately, there are several ways to do this. Get your personal property evaluation quickly and directly with our online tool.

At Engel & Völkers, we value the individuality and characteristics of each property and place great importance on accurate property evaluation during the selling process. In this article, we’ll explain all the methods and tools used during a property evaluation.

How to Determine the Value of Your Home

Receive your personal valuation

This tool is the first step in determining the value of your home. It’s simple, fast, free, and comes with no obligation.

In this step, a direct comparison is made between your property and thousands of others, providing an initial evaluation. This initial comparative assessment takes into account the address, property type, and some basic characteristics.

This online evaluation method considers the type of property (home or apartment), the area, location, and year of construction.

The advantages of this online property value tool include being free, providing a comparative analysis, and offering an up-to-date evaluation based on market trends. The tool is useful not only for those looking to sell but also for those interested in buying, to understand what is available according to their preferences.

This online evaluation does not replace the mandatory mortgage evaluation, which ensures quality and transparency in property valuations.

Although this tool provides an accurate initial estimate, further steps are necessary to reach the final value of your home, all of which will be guided by Engel & Völkers.

On-Site Evaluation

This step is mandatory and makes the evaluation more precise. It takes into account the unique characteristics of each home, expanding on the initial evaluation by exploring specific details like location and property type.

The on-site evaluation serves as a confirmation of the initial assessment and improves the quality and transparency of the overall mortgage evaluation process.

At Engel & Völkers, we have a wide range of experienced real estate professionals available to schedule an on-site visit quickly. The evaluation is usually completed within approximately 48 hours, depending on the property’s characteristics.

During the visit, real estate consultants use various valuation methods. The most commonly used are the Comparable Value Method, the Real Value Method, and the Income Value Method.

  • Comparable Value Method: This method considers the basic conditions of the property, comparing location, furnishings, size, and layout, making it the most effective for private properties.

  • Since every property is unique, consultants will also consider the history behind the property and uncover any hidden value during the on-site visit.

Can I Increase the Value of My Home?

While major changes aren’t possible, there are some steps you can take to increase your home’s value, such as renovations like painting the exterior or installing new flooring. It’s also important to consider energy-efficient upgrades, and your consultant can advise you on additional improvements to boost the value of your property in the competitive real estate market.

What Methods Are Used to Determine a Home’s Value?

During the on-site evaluation, the real estate consultant will use a valuation method influenced by essential factors.

  1. Location

Location is one of the most important factors in determining your home’s value. There is a distinction between macro-location (the region where the property is located) and micro-location (the surrounding area, neighborhood, and street). A more appealing location has good infrastructure and access to cultural, educational, and recreational facilities.

  1. Year of Construction

The year of construction is a vital factor in determining your home’s value. Whether the home has been renovated is another key factor. The age of the property will significantly influence the final sale price. However, it’s less about the construction year itself and more about the condition of the property in relation to its age, including any renovations.

  1. Condition and Energy Efficiency

The condition of the property concerning energy efficiency is also important. Lack of energy efficiency can result in additional costs before the sale, as a valid energy efficiency certificate is a legal requirement for selling a home.

  1. Property Type

The price varies depending on whether it’s a home with outdoor space or only indoor space, or whether it’s an apartment or a detached home. These factors initially dictate the value of your home.

  1. Property Features

How many rooms does the home have? Does it have a garden, balcony, basement, or garage? Additional features that add value to any property include saunas, gyms, swimming pools, underfloor heating, and more.

  1. Supply and Demand

As with any product, a home’s price depends on supply and demand both nationally and locally. These factors can significantly influence the value of your home at different times, sometimes even more than the year it was built.

To navigate these accurate evaluation methods and tools successfully, trust our experienced real estate consultants, who have a strong network of contacts that can make all the difference. Start your evaluation now!

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Engel & Völkers Portugal

Av. da Liberdade 196, 7 andar

1250-096 Lisboa, Portugal

Tel: +351 210 200 490