It is important to know your home’s value for a host of reasons. Determining the value of your home makes you aware of what you have at hand, especially when you want to sell your home. Other benefits of knowing the actual value of your home are knowing the right insurance to invest accordingly, refinancing if the situation ever demands, and calculation of property tax applicable to your home. However, the most common reason for determining one’s home value is getting the best price at the time of selling the property. Most people, at some point, do move into a new residential property. It could be due to relocating, expanding family, or simply to make a new beginning in a bigger and better home when one prospers in life.
If you are also making an estimate of your home value as you wish to sell your home and want the best price, follow these six tips and rest assured of getting the best deal.
1 . Make a List of Features of your Property
Real estate experts strongly recommend having an accurate idea about the following aspects of your home:
- The total area of the house (total built-up and carpet area)
- Overall condition
- The actual age of the house (exactly how many years ago it was built and ready for use)
- Rental history, if any
- All documents related to the property
- Renovation and repairs history, if any
- The original layout of the home
2. Get an Idea about Value of Identical Apartments Location-wise
You should know the sales price of at least three houses similar to yours in terms of total area and nature of the location. You should make prospective buyers who come to strike a deal understand that you have the correct information, on the basis of which you will negotiate and justify your quotation.
3. Enumerate the Advantages of your Property
Almost every house has some advantages that give it an edge over other properties. You need to be prepared with all the points that make your property seem appealing. For instance, it may be having good connectivity with different transportation modes in easy reach for commuting. Or your current home may be located in a quiet area which creates a sense of peace and maybe good for aged people. You can highlight these factors while interacting with people who come to check out your property. Also, be ready to genuinely explain the reason why you wish to move out of your current home.
4. Get a Property Report
Quite a few sellers get a property report made professionally as it estimates quickly and accurately the exact worth of your home. It also authenticates all the actual features and information you provide and also provides proper real estate details.
5. Hire a Professional Appraiser
A professional appraiser inspects a property personally and makes detailed observations to give an appropriate estimation. The appraiser provides details on the basis of market trends and sales of similar properties in recent times, which will help you quote the right price assuredly.
6. Don’t rely too much on Agents
While the job of real estate agents is to guide home buyers/sellers with authentic information, one does hear incidents about some of them giving details that are not accurate. Instead of relying on the agent completely, it is better if you research a bit yourself and then take a call.
Once you are armed with the correct property valuation procedures as mentioned above, you will be able to strike the most attractive deals that will be satisfactory for the opposite party as well.