Before you advertise a real estate property for sale, a broker values it. A valuation is made for you as a seller to get an idea of how much you can get for your home and to set a reasonable starting price. What the final price does, however, varies with interest in housing and several other factors.
Two different kinds of values
When talking about valuations of housing, one usually talks about two different types, the general and the more extensive assessment.
The overall valuation is a more straightforward valuation for those who want your property re-evaluated before a sale. You can ask a broker about a statement, but the broker will not issue a certificate of the value of the property.
The more extensive valuation means contacting a broker who examines and evaluates the location, condition, and prospect of the housing association. Based on this, the broker can provide an estimated price of the market value of the accommodation. After the valuation, you will receive a certificate that you can use to reschedule your mortgage or reduce your monthly cost at the bank.
Apply for valuation
Before contacting a broker to get an evaluation of your property, it is a good idea to prepare and provide all the information about the accommodation. By accessing all relevant information and documents, the broker can do the correct possible valuation. Obtain the following documents before a valuation:
- Your purchase contract
- Plans for the home where the housing area is visible
- A summary of what is included
- Your current monthly cost for the accommodation
- A compilation of the housing operating costs
- Your current loan documents
- Receipts for improvements or more extensive renovations of your home
The area. Different areas have different popularity, which affects the demand for housing in the area and thus also the price. If you live in an area deemed desirable, you can expect that the valued price of your home will increase.
The location of the residence. The location and view of the property is an essential factor in a housing valuation. For example, if your home is located on a hill, so you have a lake view, or if it is a condominium on one of the higher floors of a farmhouse, the dwelling will increase in value at the valuation.
The condition of the property. What also affects the broker’s valuation of the home is the condition of the residence. If you plan to sell your property and have contacted a broker for an assessment, it’s a good idea to keep your home clean and fresh when it comes to visiting to create a positive impression.
Calculate what pays best. If you intend to sell your property, it may be tempting to get started with a complete renovation and paint all walls white to increase demand and thus also the final price of the accommodation.