Orlando Vacation Home Value Estimator
Use our Home Value Estimator to find out what your home valuation is. Using our Home Valuation Calculator will help you get a good idea of what your home is worth.
Our Home Value Estimator uses thousands of points of data and looks at similar homes in your area. It looks at the current listing prices of homes for sale in Orlando, what has recently been sold recently and how the market is moving. All these points together will give you a very clear guide to your home’s value.
Online Home valuation estimators are accurate to within 3% of the market’s true value so they cannot be used as a formal appraisal. We always advise getting a true appraisal done for your home to find out its exact valuation.
Home Value Estimator
What is my house worth?
Using the Online Orlando Home Valuation Calculator is a great place to start. This will not be able to take into consideration any upgrades or unique features your home may have. Before you sell a home you will need it professionally appraised by a licensed appraiser.
What does an appraiser look for?
In the Orlando vacation rental market, many of the homes being appraised will be located in a specific resort such as Encore Resort at Reunion or Championsgate. Homes in these communities all have near-identical floor plans with the only differentiating factor being the number of bedrooms. This makes it a little easier to be able to appraise your home. Here is everything else an appraiser will look for when making their valuation.
Comparables
One of the key valuation factors in the Orlando Vacation rental market is the comparable market analysis. The appraiser will look at all the homes that are similar to yours and work out the average selling price. This will make the base of the home valuation report.
Where is your home located?
Home location plays a key part in valuations, as they say, location, location, location. And they are correct, if your home is in the hottest area then expect a higher appraised value when you come to sell it. If your home is a vacation home and it’s within 10 miles to Disney there is a great chance your home value estimate will be higher than a home that is 30 minutes away.
Size of home
The size of your home is a huge appraisal value factor, it has very little to do with the number of bedrooms and everything to do with overall living space. Once the realtor has the comparables of other homes it is fairly easy to work out the base square footage rate by dividing the average selling price by the average square foot.
For example, if the house is valued at $600,000 and has a square footage of 3500 then $600,000/3500 = $171 per square foot.
Multiply $171 x the square foot of your home to give you a very good idea of what your home will sell for.
Unique features
The appraiser will take the base square footage above and then see if your home warrants having a higher rate per square foot than what the market is allowing. Features such as an amazing oversized pool that is not overlooked will certainly add some more value to the home as well as helping potential buyers find more positives with it. Some homes in Reunion Resort Kissimmee, have 2 lane bowling alleys, rooftop pools, and basement arcades. These features will certainly add value to your home as well as making it more inviting purchase for any buyer.
Interior and exterior condition
The condition of your house is certainly a major selling point when it comes to buyers walking a house. If the home has stucco cracks, paint peeling, and water-stained ceilings then expect your home’s value to be a little less than if it was in perfect condition. This is because the estimated cost of getting this fixed will be deducted from your home’s true value. To avoid this read our guide to increasing your home’s valuation below.
Upgraded features
Having a home that has an old kitchen, old paint, and old flooring is going to be worth less than a home that has just installed brand new flooring, fresh paint, and a new modern kitchen. When selling a house this acts in two different ways, many buyers cannot see past the only floor and wall coloring, so when everything is looking new buyers are willing to pay a small premium for it. Remember when thinking about making upgrades to your home to consider who you are doing it for.
Future bookings
This is something a Home Value Estimator will not be able to know so we take the knowledge of a local real estate expert. Selling vacation homes is slightly different from residential sales, as buyers looking to purchase a vacation home are typically investors and are always interested in the return on investment or ROI. Homes that can prove they have a great track record of high-value bookings with a full future calendar can often value their home higher. Unfortunately, homes that have a full calendar do not come up for sale very often.
Interested in getting more bookings for your home? Speak with our rental team today.
Oversaturated market
Not something that you may expect to see in a typical appraiser list however if you are trying to sell a home in a market that has 20 identical homes to you then you need to expect your home to be priced closer to the competition. If you need to sell quickly then pricing your home slightly lower than everyone else will give you a better chance of securing a buyer.
What can I do to increase my home’s valuation?
Before you list your home for sale in Orlando it is always a good idea to see what you can do at minimal cost to boost your chances of selling your home. Adding a fresh lick of neutral color paint can go a long way. We would recommend painting the home yourself to keep down costs as you may not be able to get the value back on the new paint however you will certainly add to the likability factor of your home.
Renovate
In the residential market, this method does not work. If you are selling a residential home you are best to freshen the home up by adding a new coat of paint. If however, you are selling a vacation home then it’s a different story.
Time and time again homeowners bookings start to slow down and they decide to sell the home. An investor comes in, purchases the home, and spends some money renovating it. Not only does the homeowner now increase his rental income but it also adds forced appreciation and sells for more than the renovation cost.
A homeowner of ours did just this, his home was listed in Reunion Resort Orlando at $750,000, it was 10 years old with dated furnishings and sat on the market with very little interest. The owner decided to do a full renovation and spent $90,000 and upgraded all flooring, new paint and replaced all furnishings. The home was relisted and sold within 2 weeks for just under $1 million. Why? Because the home was now a turnkey home and an investor could come in and start making money without the headache of having to renovate the home themselves.
Things That Won’t help you sell your home
If it’s time to sell your home then, by all means, make the home look as presentable as possible however do not waste your money on the following.
Landscaping – Yes it will look pretty and it’s good to tidy it up, replace the mulch, etc but do not take on any large scale landscaping project as you will not get the money back.
Themed rooms
Creating a themed room is an absolute must to keep up with the vacation rental market however do not add one just because you are selling it. Themes change very quickly and to do this right you can easily spend upwards of $20,000 on a great room. If the new buyer doesn’t have any kids, they are certainly not going to want to pay the premium.
Garage conversion
Again, if you are looking to keep the home as a vacation home then utilizing all the space in your house is the way to go. Using the garage for a games room or cinema room is a great idea, but do not add one just for the sake of selling. You never know, the buyer may have wanted a garage to store the car.
Wild paint colors
Painting your walls in outrages colors may look cool and funky but it’s unlikely it will appeal to the masses. Keep things neutral.
I know what my home is worth
Some owners know what they need to sell their home for this may be due to what they originally paid for it or what is owed on the mortgage. However please keep in mind that the price you may want for it may not be what the market allows. It’s always best to use an Online Home Value Estimator and then get a second opinion from an expert realtor who specializes in your area.
Things to consider when valuing your own home
Comparables – When looking at what homes have sold it’s very important to look at homes that have sold in your own community and then choose a house that is of a similar size. The same home that has a lakefront location or golf views will be valued higher than one that is overlooked by a neighbor. Take a look at our Market Reports to see what has recently been sold in your community. This will give you a great place to start.
List price
When selling your home it’s always worth allowing for negotiations so be mindful of this. The listing price is never typically the final selling price. Depending on demand this rate can go up or down.
Market conditions
Not only do you need to factor in comparables, but it is also fundamental to look at the overall market conditions to be able to judge how easy your home is going to sell. If you are listing your home amongst many similar homes then if you are not the lowest price or have the best features then your home may be on the market for a while.
Don’t make this personal
Emotions can play a huge role in many aspects of life and this is no different when coming to sell your house. You may have styled the home beautifully in your eyes but this may not be the case for the buyer. Take all the emotions out of it and look at the comparables of what is selling around you. Work out your price per square foot and take it from there. If you have added a $100,000 movie room then do not expect to get that full $100,000 back as this is a bonus feature rather than necessity.
Home valuation for mortgage application
Using an online Home Value Estimator is a great place to start but will not be enough for a mortgage lender. You can set the price you like but if the buyer is looking to finance the purchase, the buyer’s mortgage lenders in Orlando will rely on their own team of property appraisers and typically look at how much they feel comfortable selling it for if needed. The appraised value may come in less than what you believe it to be worth. In this case, the buyer will need to pay the difference in selling value and appraisal value, or you need to reduce your selling price.
We hope you liked reading our Home Value Estimator guide. If you are looking to sell your home and receive an in-depth market analysis for your home then please get in touch with our home valuation team today.
