Every property has worth. The value lies not only in the actual value of the house and land itself, but in other areas as well. Trees and mineral rights may have cash value. A vacant lot next door or furniture left on the property may also provide a source for cash.
TIP Online valuation services, and even some comparable market analyses from a real estate professional, usually don't include the value of trees or mineral rights. Check with a realtoror city or county office before you purchase a property. Educate yourself as to what local code enforcement or zoning will allow. Don't be afraid to ask questions, and always do your due diligence.
A property's value is often calculated by the sales of similar properties in the same neighborhood. You can research this information yourself or have a realtor help you. For a ballpark valuation, you can look online at a number of Web sites, including www.zillow.com,www.realestate.yahoo.com/homevalues, and my favorite, www.netronline.com. Visit www.CarletonSheetsRealBook.com for up-to-date links and resources.
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