If you're buying a home, it helps if you have an estimate of the home's value. Together with comparable home sales, estimates of a home's value will help you come to an appropriate bid or purchase price. What's more, a home's value will determine the amount of financing a lender will extend.

If you're selling a home, knowing the estimated value will help you set an asking price and help you determine an acceptable range of bids to consider. For most of us, our home is the most valuable single asset we'll ever own -- it's important to know what it's worth.

Knowing your home's valuation is critical if you are:

• planning renovation or improvement projects
• looking to refinance
• taking out an equity loan to finance other life events, such as college tuition
• obtaining the right amount of insurance coverage
• developing an estate plan

Obtaining an estimated valuation of your home is the first step in determining its current worth. Estimates provide valuable raw ingredients to move forward with investigating a Del Mar home purchase or sale. Estimates, however, should not replace the use of licensed appraisers. Call upon the resources of a licensed appraiser during any formal process that requires the determination of a home's value.

To get an estimated home valuation, use some of the free tools that are available on the Web. Domania's Value Check requires you to register to use it for free, but it's worth the quick effort. Home values also can help with tax appeals and removing private mortgage insurance. What's more, with estimated valuation tools you often can determine potential future value of your home, as well as understand what your possible equity position is, based on current value.

Get a smart start with tools such as Value Check. And, remember, consult a licensed appraiser when the time or demand is right.