Want to sell your home but have trouble knowing your home's worth? Here are some tips that might just help you.
Real estate appraisal or property valuation, determines how much the house would be worth if it were offered for sale on the market. Estimating the price of your property is the first step in getting potential homeowners interested in your listing.
It is important to know more about property valuation as market value is an estimate of the amount the property is expected to bring on the date of the contract between the buyer and seller, also determining the price which will be agreed upon by both parties.
A valuation is performed by authorised companies and their agents, banks, or valuation experts after considering the prices of recent real estate transactions and other market factors.
This differs from the asking price, which is a negotiation of price between buyer and seller.
Several factors may affect the worth of your home. For instance, the location, condition, economic trends and even the property itself.
Location is important in all aspects when buying or selling property. Generally, homes located in urban areas have a higher value because of its easy access to roads, electricity, water, and other basic amenities.
Renovations on your home can give quite an impact on the value as well. Doing touch ups on your home such as creating partitions or other changes, can affect the valuation of your home.
3. Economic Trends
People are mainly willing to buy houses when there is an economic boom, or when employment, salary levels and the job market are rising.
Although the pandemic had left many wondering how the property market has been performing, the market outlook for 2021, has shown an increase in people purchasing subsale homes.
The larger the property the higher the value. If the property has amenities such as 24-hour security system, swimming pools, gyms and provided parking spaces, buyers will be willing to pay a higher amount to secure these additional amenities.
The question of whether the property is freehold or leasehold will also affect the buyer's decision.
A freehold property is owned permanently while a leasehold property will be owned until the tenure has expired.
You can read more about the Property Market Outlook at 2022 Malaysia Property Market Outlook - Find Out What Industry Experts Predict .