How to value a home or property

At the time of buy or sell a home or property it is of utmost importance that we know how correctly assess said construction to be able to pay a fair price, or to be able to put a reasonable price on our property. In order to know the real value of a home there are several factors that intervene in the result, and we will mention them in this article, but before going fully into the valuation of a construction, you have to know a few things.

The first thing we have to know is that at the valuing a home is called an appraisal; And although the appraisal process is usually carried out by a specialist who is called an appraiser, it is a process that we all must know in order to be able to carry out the process ourselves, and to know what an appraiser takes into account when moment of valuing a property.

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If the process is requested from an outsider, the most common is that he asks us for a simple note of the property registry; This process is carried out in order to be able to corroborate that the information provided is the same as that which is registered. But before continuing, we must clarify that this process has a cost, and this external process is generally required when some special procedures are to be carried out. But this guide will help you know the real value of your home for yourself, or if you prefer it will allow you to follow the expert's process.

Terms of use

The first thing we should look at in order to give a property a value is the construction status. Here aspects such as the age of the building, more apart if renovations have been done, this is quite important when calculating the value of a property. In general rules, the older the construction, its price may decrease, but if an old property has been rehabilitated, its value is maintained or increased depending on the size of the building. housing rehabilitation project.

Another point regarding construction conditions is if it has passed any technical inspection of buildings, or ITE. If so, the price can increase considerably. It is also very important to consider the interior and exterior appearance; The fact is that from the outside the property can be seen marvelously, but if inside the floor or walls are damaged, the price will decrease; On the other hand, it is possible that the facade is not so pleasant to look at, but that the internal part of the building is in very good condition; Paying close attention to these details can make the difference between a good and a bad valuation.

Location

The second most important point to be able to determine the value of a property is its location; in this case the valuation of the construction is directly affected if it is located in a good area. Now, we must not only look at the location by neighborhood, but also in the surroundings of where it is located. For example, if the building has a balcony, and a very good facade will be very well valued; On the other hand, if this construction is located in a popular, tourist area or with many bars, the balcony will not be very well seen, because when it opens the noise of people will enter the house. In other cases if the house it is located far from the city center It may also lose value due to the longer transport times to reach other places.

While it is true that this question can become subjective, as there will be people who like being in an area with many bars, it is very important to consider the question as something for people in general. Analyzing the needs of the people and the advantages or disadvantages of the property will help us make a better assessment.

Area

Who has not dreamed of having a house of more than 400 square meters on the land? As well, the size of the building It also has to do with the valuation that will be given to the property, but you have to be very careful when addressing this issue. Regarding the question with which this paragraph began, we could deduce that the larger the land, the higher the value of the property, however, this is not necessarily correct.

Although if there is a price difference due to the difference in square meters, it can also be altered by other issues such as the distribution of spaces. In other words, it is necessary to take into account the space dedicated to construction, and the space used for the garden or garage. This is very important to consider when evaluating a property; and we return a little to the same point as the location, although the value of a garden or garage It can be subjective to those who see the construction, it must be considered rather with reference to the costs of building or preparing the garden, this will give us a more objective idea of ​​the real value of the construction given the surface area.

Lighting design

An important aspect to consider in the valuation of a construction, and that is often not taken into account, is the orientation of it; This is important to consider because this will define the amount of natural light that the building can use for its illumination and also to be able to give a better view to the facade given the natural lighting.

In this case the general rule dictates that a construction will be better evaluated if the amount of natural light that you can take advantage of is greater; so this point becomes a detail that can make big differences so that whoever buys or sells the property can make a better decision based on the correct value of the construction.

Distribution

Now we will delve a little more into the topic of distribution, a topic that had been touched lightly in the surface subtopic. Now, what consideration should we have regarding the distribution of the construction? Well, the most important thing will always be two things, visual appeal and functional appeal. Regarding the functional attractiveness, we talk about how friendly the construction is with respect to people's daily lives, in this way it may be that in some construction there are very long corridors that, although they look beautiful, are not really functional when looking for agility in transfers.

On the other hand, there are functional elements such as stairs, but when some aesthetic details are added, they make them much better valued. So when analyzing the construction it is essential that we concentrate on these two points; after this there are already some aspects such as the type of decoration and the materials used.

Elevator and windows

One of the previous points mentioned the orientation with respect to the sun as an important factor, but in this section we will touch on a complement, and that is that it does not matter if construction is well orientedIf it does not have adequate windows to take advantage of natural light, its value will decrease considerably. The considerations that determine the value due to sales is the size of the sales, as well as materials or quality, because the higher quality they have, the better use of the light.

Another aspect to verify besides the size is that window class are, that is to say, verify the material from which they are built. Some materials are more resistant than others, while others are rather fragile; some inked, and some more transparent. Each of these details can increase the value of the building.

In some cases the constructions have significant heights, so a elevator is fundamental in its structure; In the case of some apartment buildings, not having an elevator is something that really devalues ​​the apartment in the eyes of a large number of potential clients. So this point is very important to consider.

Types to make an assessment

We already learned that we must verify when we want to value a property, but now we will talk about how much each of the aspects we analyze costs. The easiest way to carry out this assessment is by analyzing values ​​that we can find such as the price of land for sale in the surroundings, and compare all the points analyzed with the other constructions. Another matter that we can verify are the municipal references that can give us guidance regarding the valuation of the area in order to make a much more accurate valuation.

Another option that will always be available is to hire an expert in the appraisal area, this guarantees that a correct valuation is carried out; so after thinking about our options well, we have this option, or we can do it ourselves. But one thing is for sure, now you are ready to better value a property.