06. 07. 2011

Prompted by Crystal’s post last week: Net Worth – Do You Include The House? I thought I’d let you know how I come about an estimated value for our house (which I then include in our net worth totals!)

Over the last five years our house value has been up and down but has always ranged between £170k-£200k. It was tempting at the time to increase its value in our net worth calculation to £200k because it made the figures look better!! ;)  But I tried to remain realistic. 
I did once take it up to £185k but after the recession really kicked in, and because we’re not selling any time soon, I reduced it back to £175k.  Given the housing market in our area and what similar properties were selling for I think over time (the next 5-10 years) this is a good price to settle on.

Here in the UK I use a company called Zoopla to track the estimated value of house prices in our area (and I always check local property websites)……I think in the US you have Zillow.

Here’s the graphic I pulled from July’s Zoopla monthly report for our house. 

-As an aside the estimated rental value is exactly the same as I would have it at: approximately £650 per month.

I know these figures are not perfect, but they can be a good guide to use if you want to include your house in your net worth calculation.

How do you estimate the value of your house?

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In 2014 my husband & I downsized our home to speed up our quest for Financial Freedom. We swapped our large three bed house, for a small two bed apartment to clear our mortgage and give us enough budget freedom to travel and still save for the future. Our dream, after achieving Financial Freedom, is to spend part of every year living abroad.

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4 Responses to “Estimating The Value of Our House”

  1. Andrea says:

    Hmmm i estimate the house based on what my parents and I think it would reasonably sell for, and the minimum… not the very best price because I’m not counting on getting that. My parents are in realestate and our realtor is a good friend too so I believe the number is realistic.

    I also keep an eye on comparable houses on the MLS site we have here. i think it’s realistic and yep I include it in my networth because I want my networth to accurately reflect the balance of my assets and liabilities, so I do edit it every once and a while if the market swings up or down.

  2. Niki says:

    Yes Zillow is a good one here.

    I do look and see what other homes in the area are being sold for in the paper.

    I can’t remember where I read this, but someone had said to use a number that would reflect the cost of a realtor. I always thought that was a good idea.

  3. jpkittie says:

    we use ‘zillow’ to figure the $ of the house :)

  4. Zoopla for me also. My house lost £20k in a very short time but its okay, it is still just as good to live in, just my net worth doesnt look so good anymore.