Property Valuation: Major factors to consider
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!
Comments