Buying or selling your house is undoubtedly a mammoth task, more so if it is your first time and you have no clue where to start and what key points need to be considered before proceeding.
Worst nightmare?
Selling your property at a lower value and losing money.
Are you the only one?
Unfortunately not. It is surprising how many homeowners and buyers are unaware of the value of their house.
However, sometimes the worth of a property can be tricky to evaluate a property, given the myriad of factors influencing the procedure of property valuation. With Agency21, educate yourself to find out ‘How much is my house worth?’
What is Home Valuation and Why is it Important?
Simply put, home valuation is an accurately reasonable estimate of the price range that determines the value of your house.
Whether you’re selling your house or buying a property, determining its value can help you put your finances in order and tap into your home’s equity to negotiate on the prices.
Beneficial for both buyers and sellers, a detailed analysis reduces the buyer’s risk of over-paying whereas it also accommodates a seller to reach an informed decision.
What Affects Home Market Valuation?
As a homeowner, it’s hard to see your home the way a buyer would.
Since your preferred abode may just be a house for another.
A garden where your children grew up playing make-believe, is an ordinary lawn for another. The walls covered with tales scribbled by your kids will be labeled as ‘damaged’ by a potential buyer.
Keep in mind that a serious buyer will conduct full scrutiny and take critical mental notes of the following factors that affect the value of a house:
- Curb appeal: the structure, architectural style and conditions of your property.
- Location: ease of access to the property.
- Nearby amenities: how close is your home to the highway? Are schools and shopping centres accessible?
- Size of the property: what is the square footage?
- Rooms, extensions, and renovations: How many rooms and attached baths are present? What are the existing extensions and how much renovation is required to either compete in the market or improve the conditions of the property?
Apart from these, the most important factor affecting the value of a house is the demand and supply. More houses on the market mean higher competition. This, in turn, affects the selling price of a house, as the sellers may sell the property at a lower price.
How to Determine the Value of a Home?
- Find local asking Prices:
“Ho ja’ay ga. Hum khud kar lain gay…”
As Pakistanis, we have a tendency to undertake most jobs by ourselves. Be it deciding which medicine to take without a doctor’s consultation, or finding the price of a property ourselves- we feel that we can do it all on our own.
Gone are the days when peering into an estate agent’s window was the only way to ask the price range for local properties to buy and sell. If you want to personally analyze and determine the price range, buckle up and drive around to multiple realtors to become acquainted with the current trends.
- Get a Comparative Market Analysis:
You can easily ask the local real estate agent for comparative market analysis. He then will provide valuation reports aligned with the market price to provide an estimated value of your home as well.
This is where Agency21 steps in. Looking for comparative market analysis? Call Agency21 at 0348 111 21 21 to get in touch with our representative and avail the opportunity to get your home valued.
- Online Valuation with Agency21:
For ‘instant home valuation’, log on to Agency21
Agency21, with the help of its automated technical tools, offers a simple procedure to get your home valued online. By entering details like the address of the existing property, and your personal contact details, you can request a personalized home valuation in 3 days.
Agency21 caters to anyone who wishes to sell or rent their property – or is simply curious.
That is pretty much everything you need to know about home valuation to answer the burning question: how much is your house worth?
