When purchasing or selling a home for the sake of yourself and your family, one thing trumps others in importance. And that is the price of the property in question. You need to know the value of what you are buying and of what you are selling. However, how can you determine such a thing? Well, of course, you could trust professionals and refuse to think about it further. But this is about your future! A home sale or purchase is always an important event in one’s life. So, you want to be capable of doing some of the valuations yourself. To help with that, we present to you the essential steps to determine a home’s value.
Determine the value of your amenities
The first of the essential steps to determine a home’s value, particularly if you want to hit all your home selling goals, is to know the value of your amenities. Now, even if it is the first step, it is also quite tricky. Firstly, you need to account for amenities that are always popular. Hardwood floors, central heating, a luxurious bathroom, good home placement, popular stores nearby, and other such things. But then, you also need to account for the current trends. For example, the pandemic has cast some needs into the forefront. Faster internet, better ventilation systems, a decently furnished home office, larger rooms, individual lounges and areas around the property if it’s an apartment complex, etc. So, you are doing a balancing act between what you think is popular at the moment, what your research has turned up, and what is always popular.
Do a home inspection
A home inspection is one of the essential steps to determine a home’s value. Or rather, you might be able to get away without doing it in advance. And if you are lucky, it will not matter. However, if a potential buyer decides to request one and it reveals problems with your home, it will tank the price. Or, at the very least, your chances of selling it.
Similarly, you do not want to skip a house inspection if you want to buy a property. Otherwise, the chances of thinking that everything is fine, only to discover massive problems a couple of weeks after moving in, will leave you with substantial financial losses. You would be left with the choice of trying to re-sell it or trying to repair the issues. Both options are bad for your finances.
Compare it to similar properties
Your next move should be hunting down several properties with similar traits. You can see this as more in-depth housing market research that you can do on your own. You need to account for the size of the property, their approximate locations in relation to each other, and some of their features you can easily find out about, either through their listings or through talking to a real estate agency. Once you are sure the properties are comparable, you need to check out their prices. If they are similar, you can be pretty confident about the approximate pricing of the home you are interested in evaluating. On the other hand, if they differ, you can find out what contributed to the prices’ rising or falling.
Try to use online valuation tools
The next essential step to determining a home’s value is trying to use online valuation tools to gouge its value! That’s not the only useful online pricing software, though. You should also find ways to save money when moving using moving software that can help you get an estimate, so you can make it as affordable as possible. And the best thing is, both tools should be pretty reliable! The way the valuation tools work is by first asking you to provide some data about your home. Things such as the size, location, and other relevant information. Then, it combines it with certain public records, including the pricing of homes with parameters similar to your own. This makes it quite reliable since it accounts for the recent selling trends to an extent. So, do not hesitate to make use of the tools available online!
Account for the current housing market
Something that can seriously affect a home’s value is the current state of the housing market. If you are buying or selling during peak season, the prices are bound to be higher. The competition is fiercer, and even less outstanding properties go for more. On the other hand, the off-season is the very opposite. Buyers are more discerning and careful about their purchases. So a house needs to stand out in some aspect if its value is to go up.
Similarly, different housing market situations typically present different popular ways of paying. So, look up what is currently the most prevalent way of purchasing a home too. There are advantages to selling your house to cash buyers, but you need to know if you can realistically push for such a thing or not.
Get a professional market analysis
Of course, our final step to determine a home’s value is asking a professional realtor for market analysis. Working in the field all year long and handling a large number of different properties, they should be able to give you a pretty good idea of what your home’s value is. Just remember to be on the lookout for bad real estate agents! If you choose to entrust your home’s valuation to the wrong person, then it would be doing you far more harm than good. So, always be extra careful in your selection of a realtor you want to work with.
Final advice
Now that you know more about the essential steps to determine a home’s value, you should be well-prepared for the task ahead. Just remember to be very careful and triple-check everything before you finalize any purchase or sale! If you do not, you might find yourself wracked with regret later for rushing things. If you need help or plan on selling your house fast do not hesitate e to call or text AIP House Buyers in Greensboro, NC for any questions or concerns. We will make a free FAIR CASH offer on your property. 336-707-5223