For you as a home buyer, it is worthwhile to have the value determined before buying a home. You may save money because you can negotiate the purchase price, or you can even prevent a bad purchase.
Ideally, an objective property valuation forms the basis for the purchase negotiations. In fact, not every owner has the value determined before buying a house.
It is often private individuals who sell their property and carry out the valuation themselves. This often leads to an unrealistic price because the assessment is biased. The personal workload, memories and emotions are associated with the property.
Many property owners at some point come into a situation in which it is important to know exactly the value of a property, for example when selling or buying, in the event of inheritance or divorce.
But as an investor, you should also be able to determine the value of a property in order to make decisions. This article introduces you to how to know the true worth of a property.
Which factors are decisive for the property valuation?
Numerous properties and characteristics of a property can influence its value. The most important factors include:
- The condition: is it an old or new building? Are there any costs incurred for the renovation? How much do you have to invest as a potential buyer?
- The equipment: how should the floors, windows and possible built-in components (e.g. Kitchen) be classified? Is it an upscale equipment?
- The location: in which region is the property located? In a more rural area or in a metropolis? And within this city in which residential area?
If you have the feeling that the price of a property is too high or you suspect construction defects, then have the value determined before buying the house. In the best case scenario, you should hire a building surveyor for the house purchase who will issue an independent judgment.
An expert is recommended, especially if there is any suspicion of hidden damage or construction defects. He checks the condition of the house, from which he determines a value before buying the house.
At the same time, the experts such as real estate agents in Noida provides information about the expected costs for urgent renovations. You can then either withdraw from the purchase or include this in your financing planning. In any case, you are on the safe side with an expert opinion.
A professional valuation by real estate agents in Delhi is of course also an advantage for owners, as this ensures a realistic purchase price. This has several advantages:
If your property is worth a high selling price, you have a solid basis with the appraisal to justify it. The evaluation includes individual features that have a positive effect on the purchase price.
Under certain circumstances, you would not have taken these into account or had incorrectly assessed them.
A purchase price that is too high can reduce the chances of selling and (unnecessarily) drag out the sales process. This is particularly a hindrance if you want to sell as soon as possible.
At the same time, a price that is too low is undesirable. Under certain circumstances, however, you would have overestimated the purchase price because you did not take into account the special features of your property or did not know its value.
So, if you sell your home, have it appraised. The same applies, of course, if you want to sell a vacant lot. Land prices should also be determined professionally.
