Here in Olathe Kansas, we get a lot of questions like “What’s my home worth?”. What your home is worth depends on why you ask the question. It could be one value based on a purchase or sale and an entirely different value for insurance purposes.
Fair market value is the price a buyer and seller can agree upon assuming both are knowledgeable, willing and unpressured by extraordinary events. This value is generally indicated by the comparable market analysis done by real estate professionals, such as a Char MacCallum Team Member.
Insured value is determined for the proper insurance coverage. Replacement cost could actually exceed the cost of new construction when additional expenses are incurred for demolition and the added complexities of matching existing construction.
Homeowners are generally more familiar with their home’s market value. You know your Olathe, Kansas neighborhoods and surrounding areas – we’re going to ask when we come to visit, “what do you think your home is worth?”. Since it can be lower than the replacement cost, owners should review the insured value with their property insurance agents periodically. Under-insuring could invoke a co-insurance clause that may limit the settlement and increase your out of pocket expenses.
Did we get you thinking about the value of your home? Feel free to contact us at the office for any questions or search some of the homes listed to see how they compare to yours! Of course, you can justclick on this link to have us look up what the market value of your home could be here in Olathe, Kansas!