Everything about the house, from the number of bedrooms, bathrooms, and square footage to the design and quality of the materials, is taken into account by an appraiser.
One of the keys to making a home a significant investment is getting a reasonable estimate of what it’s worth. The figure you see as the market value is crucial for any deal and is determined mainly by your area’s real estate agents and appraisers. The same phenomenon applies to people looking to get a fair value while selling their house.
But how do these professionals come up with this number? The answer is complicated, but there are a few pointers that can help you understand the complete process of evaluating a house. Take a look at a few factors that help in estimating the actual worth of a home:
- Layout, Features, and Condition of The House
Everything about the house, from the number of bedrooms, bathrooms, and square footage to the design and quality of the materials, is taken into account by an appraiser. For example, if a house has many bedrooms but is situated in an area with no nearby schools or malls, it is not worth as much as others that offer similar facilities but at a higher price.
- Comparable Sales
Well-maintained and structurally sound houses in neighborhoods with a good reputation for real estate get premium prices compared to others in your area. To get an idea of what the market values are, it is recommended that you contact agents or appraisers who have made similar sales and compare them with yours.
- The Age of Your House
Apart from other factors, houses older than five years tend not to fetch higher prices than new ones. If a home is more than 30 years old, the value is even reduced, especially if it has problems like cracks in the walls or foundations, water or termite damage, or structural issues. You can contact a professional team of Vancouver real estate agents at Chrystal Wright – eXp Realty to find the best possible deal on your house.
- The Price of Similar Homes and Neighborhood
Even the other houses in your neighborhood will play a role in determining your value of yours. The trick is to know how to find similar homes. The first and easiest way is to go on the internet and look for homes that are similar to yours from various search engines.
You can also approach real estate agents or appraisers who have sold earlier houses or ones in the same neighborhood as yours and ask them how they determined their properties’ values.
- Lack of Parking Spaces
In most areas, you will be required to have at least two parking spots for houses over three levels, which means that any place that does not have this minimum number may get much less compared to similar ones in your neighborhood. The list of neighborhood amenities and availability of schools and healthcare facilities in your area also play a crucial role in determining the value of a home.
Understanding real estate parameters will help you value your house, especially if you want to sell it reasonably. However, if this process needs to be better understood, you may end up paying too much for your home and having it appraised at a rate that you consider low.