Interested in knowing the value of your house, is a good step. Basically being an independent house owner you should be aware of what’s the house value, you possess. It can benefit you in many ways -
- If you want to mortgage the house.
- Interested in selling your house.
- Just curious to know the house value.
- To pay annual property tax.
- In case of refinance.
- To pay insurance premiums.
This is pretty clear that the residential property valuation has its own importance and one can get financial advantages too, if they are aware of their property value.
What is the property value?
Property value is the actual market value of the property estimated by the registered and expert property valuer by keeping the various factors into consideration.
Basically, it is a price that can be negotiated between buyer and seller and with the mutual understanding, it can be decided. At what price seller is willing to sell the property and the buyer is ready to buy the property.
Who can evaluate the value of my house?
Well, there are professionals who perform their work accurately and find the right value of your house. With their massive market knowledge, analytical skills, and keen observation ability, they can help you, in finding the right worth of your home.
Why to hire a property valuer in this online world, when you can go for online property valuation tool- Though there are several online property valuation tools present in the online, that too for free but those tools are not a reliable one. This cannot be denied that technology can replace the human talent. While doing the house valuation one has to consider so many factors that can add value to the house and can increase the house valuation figures. This can be done by residential property valuers only, not with the online tools.
Method to evaluate the home value - The best and assured way to know the right value of your house is Sales Comparison Method (SCM). Valuer compares the currently sold property (that is nearby the subject property) with subject property. Though it is difficult to find the similar of subject property. So there are some adjustments have to be made, while calculating the price of the property via SCM.
The real estate property that is similar to the subject property (that has to be evaluated) is known as comparable property or comparables. In this method, valuer compares the subject property with comparables and then evaluates the current market value of the house or property.
Before declaring any property as comparable property make sure to keep it as much as similar to the subject property like - Number of bedrooms, bathrooms, area of the property, Type of the property.
The similar property should be near the subject property. Approx in the area of 1kms.
Also the selling date of the comparable property should be not be too old. It should be six months earlier maximum, not more than that. The only reason behind such clause is the market condition and property value are dynamic in nature to change frequently.
How valuer evaluates the residential property value?
The valuer first visit the house and inspect it minutely than apply the Sales comparison method and calculations blended with the knowledge and experience to evaluate the house value.
Why to wait? Just go and get the right property valuation by expert property valuers.