There are various websites that can help you determine the value of your home, including Zillow.com, Trulia.com and Realtor.com as of 2015. Zillow.com and Trulia.com are credible sites where you can find an estimate of how much your home is worth by simply entering your address. Realtor.com provides a more detailed report on the value of your home and other homes in the neighborhood.
Although these websites are helpful for self-calculating a close estimate of your home's value, you may want to determine the true market value of your home by getting a professional appraisal. There are two appraisal methods that are commonly used.
The sales comparison method determines a value based on the values of similar homes that have sold in the area, taking into consideration factors such as size, age and features of the home.
The cost approach to appraisal is based on the cost of replacing the property in the event that it is destroyed. The appraisal value takes in not only the value of the house itself but also any other permanent structures and the land on which the house and other permanent structures are built. The cost approach is used primarily when it comes to new properties.