The Real Estate Blog

There is hardly any person who won’t agree that the process of buying a house is based on the exchange of money and house between the buyer and the seller.

But you, as a buyer, need to know that the sum you pay is reasonable, right?

Here are some tips of valuation of property:

• Location. Location has an extremely important role. Area preference is defined by financial institutions, but you should know that despite being the best area in the city it may not suit you (it is far from your workplace, there are no trees and so on). Home location should be also close to schools, markets and hospitals.

• House state. You should see the interior and exterior of the house you intend to buy. It would be a good idea to take a digital camera with you and take some photos. In other words, pay attention to the condition of the property and think if it will be easy to maintain or not. Nowadays, most of people prefer easy-to-maintain and move-in houses so not to spend extra money on renovations.

• Age. How old is the house you are going to buy? Was it sold before or no? For how long has it been at the market? If it’s already a long time, do your best to find out the reasons.  And if it was sold before, find out the price it was once sold (there are certain web sites with such information). This will help you determine the amount of money that you should pay for the property.

• Property tax. Find out whether the annual property taxes are high or low. Undoubtedly, you need to choose a house with the property tax you can afford to pay.

• Rent price. Find out how much is the rent of a similar houses in the same area. It is also important to calculate the price of the house you want to buy.

• Market forces. This is also a thing, which is controlled neither by the seller nor by the buyer. The prices go up and down at the market and they affect the valuation of property.

Buying a house is a very difficult and responsible thing, so do your best to evaluate it properly.

Photo © nancyarora2020

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