Property Valuation: Major factors to consider

by Dynamix Group Writer

One’s home is completely based on how much buyers are willing to pay for it. With that in mind, it is also important to understand here that every buyer is different. For instance, a particular family prioritizes location factors like schools and jobs over space, size, and the condition of home.

Even though property surveys are not legally required, they should be carried out regardless of stated legalities and requirements. More often than not, surveyors perform a property valuation for income tax purposes, wealth tax, rent and depreciation, capital tax calculations, bank guarantees, acquisition by authorities, will and testaments, division of property, and the likes. For every 2 bhk for sale in Thane, Ghodbunder Road you see on the way, every home needs a proper property valuation to avoid making typical home-selling mistakes.

 

Here’s a list of factors that influence your home’s value:

 

Neighbourhood

The sale prices of similar homes in your neighbourhood that have sold recently is one of the major indicators of your home’s value. These homes in the neighbourhood are usually referred to as ‘comps’ or comparable homes. Be it a comparative market analysis done by an agent or a home appraisal, most real estate experts like The Dynamix Group will voluntarily emphasize on comps to estimate your home value.

 

Location
Despite the fact that your home’s location may be just the ideal spot for you, it may or may not be the same for willing buyers. While determining the value of homes, appraisers usually look for three primary factors which are the quality of local schools, proximity to recreational centres and of course, employment opportunities.

Additionally, a location’s proximity to utility lines, metro stations, highways and other forms of public transit highly impacts a home’s overall value. So, to sum it up, when it comes to calculating a home’s value, location can certainly prove to be one of the most important factors, weighing off the size of the house.

 

Home size
Size is an absolutely indispensable element to consider while estimating the market value of one’s home, considering the fact that a bigger size can positively impact its valuation.

 

The most important elements to buyers and appraisers are the available amount of living space. Bathrooms and bedrooms are highly valued, which indicates that the more beds and baths your home has to offer, the higher goes your home’s market valuation.

 

Condition & Age
Homes that are newer typically appraise at higher values. The sheer fact that critical, vulnerable parts of the house like plumbing, the roof, electrical amenities, and appliances are newer convinces the buyer that these are less likely to break down and hence, can also help the buyer to save up. So, it is needless to say that the newer the age and condition of the home, the higher is its market valuation.

 

To sum it up, it is easier to avoid typical home-selling mistakes once you are aware of the factors that really influence your home value. Make it a point to consider these factors while pricing your home in order to attract serious buyers - whether they are apartments in Thane or a home that you have lived in all your life!

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Created on Jun 10th 2020 00:04. Viewed 297 times.

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