5 Hacks for Estimating Property Value

There are ways to estimate your property value even without the presence of the assessor. You just have to know how. Nowadays, a lot more information is available. Therefore, all you need to do is go through some of the hacks that can help you find the best and easiest way to estimate property value.

Comparison

What can really make estimating property value easier for you is the comparison. What we are trying to say by comparison is that you should go online and check the properties that have been sold that are really similar to yours. You should count the rooms and the overall size of the property. Of course, you should compare the state of the property as well. This is not hard to do since there are usually pictures of the estate along with the details of the property for sale. This way, you may know how much your property is worth, more or less. This way is pretty superficial, since you can just do the comparison online and not in person, but it can be a great way for you to come closer to the real value of your property.

Check the Flaws of the Properties Similar to Yours

Once you have found some properties similar to yours, you have to check the flaws. Of course, as mentioned before, that can be really hard if those properties are only online. However, if those properties are at close range, you can always go and check them in person. Why not – they are on sale and you have every right to see the condition of those houses, apartments or similar properties. If you are lucky enough that you can go and check them, make sure to ask about everything you may find useful. Ask about plumbing, check the isolation and make sure to ask everything about it. Once you find out some useful information that may be compared to your property, write it down. Put everything on paper – it is easier to follow all of the characteristics among the properties that you are comparing.

Locality Means a Lot

You have to be aware of where your property is. Location is extremely important. Is it in a neighborhood that has a good or a bad reputation? Are there schools nearby? What if you have an apartment, what floor is it on? All of this affects property value.

Even if you own a beautiful mansion but in a neighborhood that has a bad reputation, and even if that mansion has a beautiful pool and everything is working flawlessly, you won’t be able to sell it at the price you want. Location means a lot. Just think how many restaurants and coffee places that were cool and awesome and had a great service but had to close because their location was no good. Same goes for any other property – if it is in a shady area, not a lot of people will be interested, at least not for the price you would think of. They will try to lower it as much as possible by using the fact that the property is in a bad area. This is a fact, and there is not much that you can do about it. What you can do is find out what the value of a property in your neighborhood is, based on the proximity of all of the important places like schools, hospitals, etc.

Property Values Change

Property value tends to change a lot nowadays. One week or month you may think that you know everything there is to know about the price of some house you are interested in. However, things change very fast. One day you may wake up and find out that yesterday’s bad neighborhood has become a place to be. It happens all the time. There are countless neighborhoods that were a big no and then, all of a sudden, everyone wanted to be there. One of the great examples is Brooklyn, NYC. There was a time when you could find a great place that did not cost a lot of money, but things have changed. Since everyone wants to live there now, prices are higher as well. Take that in observation and put it on the paper. Always go online and see what has changed, especially when the time comes for you to buy or sell a property.

Urgency

If you are looking to buy a property and thus you need to estimate property value, it is a must to have all the information and know all the circumstances. There are a lot of people that need to sell their property urgently and fast. This means that at some level they will be willing to negotiate the price. There were cases where houses were sold a lot cheaper because the sellers were in a huge hurry to sell them. There are numerous reasons for them to do so. It doesn’t mean that some fraud is about to happen. Sometimes, they are in a hurry because they need the money urgently, or they are moving to another country, or they just want to sell the property as soon as possible. This can also affect the price of the property a lot, so keep that in mind as well, if you are looking to buy a property.

Check these steps and try to follow them. It will definitely help you to do your own estimation of property value.

Author Bio:

Writer at Movers Development Kevin Smith has a lot of experience in writing blogs and pages as a freelancer. When it comes to moving from town to town or from one country to another, Kevin is sort of a professional who, even if you haven’t planned to move, makes you think twice. By using everyday information about up and coming neighborhoods to live in and variable prices of properties, Kevin writes all of the not-so-amusing information in a way that makes you read it with great excitement.