Assessing the market value of real estate yourself

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Everyone who has bought an apartment at least once, faced with the desire of the owner to show it in the most beautiful way. But the desired is not always true. That is why there are several rules that must be followed when inspecting a future apartment, because the real assessment of the market value of real estate can be much lower than its owner thinks.

Sunshine

Inspect the apartment only during the day. No visits in the evening or early morning! If the owner has free time only after 18:00, ask to reschedule the inspection for a day off. True, in this case there is a risk of getting a distorted picture of the area's noise, which is usually clearly visible on weekdays. But still, by doing so, you can be sure that the assessment of the market value of the property, in this case the future apartment, will be the most accurate.

Location

Do not forget to walk around the surrounding area after inspecting the apartment itself or before it. So you will have a clear idea of the level of infrastructure development. Market value assessmentthe property must include such a check. Agree, if the nearest supermarket is at a distance of 5-10 km, this should reduce the cost of housing.

Pay special attention to the ubiquitous grandmothers who pass the time on the benches at the entrance. They will tell in the best way about the advantages of the area and the house itself, or vice versa, point out all the shortcomings. And at the same time you will learn almost everything about the seller of the apartment and future neighbors. Also, it would not be out of place to ask about the work of the housing office, about the features of the heating season, possible outages of hot water or electricity, the last major repairs of the house and other issues of interest to you. Remember, real estate appraisal is your concern!

Inspection of the apartment

As mentioned earlier, the assessment of the market value of real estate can only take place in sunlight, it will most fully indicate to you the shortcomings of future housing. And if the owner refuses, then you should be wary: what can he hide?

Pay special attention to the ceiling of the future apartment. If it is freshly painted, you should not rejoice violently at cosmetic repairs. Perhaps the roof is leaking in the house or the neighbors from above constantly forget to close the water taps. Check water pressure and plumbing performance. Don't forget to check the wiring. Bring an electric kettle with you and boil water: if it takes too long to boil, this could meanregular voltage drops. Examine the walls. If they are too thin, then this, firstly, indicates poor sound insulation, and secondly, possible cold and dampness. Look under the wallpaper: if you find a fungus there, it means that the room may have been empty for a long time or it is poorly heated and not ventilated.

Professional help

If you have done all these steps, but have not come to a decision whether the market valuation of the property is correct, you should contact the professionals. Many licensed NAs or private appraisers will be happy to provide this service to you, naturally for a fee.