When you want to sell your house or take out a loan against the value of your home, it is necessary to have a solid idea of what your house is worth so you can plan accordingly. A great way to determine worth is to get the help of a professional residential appraiser. Through the use of a number of methods, they an arrive at an Auckland property valuation that you can use for your purposes. Keep reading to find out what methods they might use when valuing your particular property.
Comparable Sales In The Area
The first step in determining an Auckland property valuation is to examine comparable sales that have been made in the neighborhood. This will give you an idea of what the appetite is for homes like yours and the mood in the current real estate market.
Comparing sales prices is a bit more involved than you might expect. It is not enough to know that different houses cost a certain amount; adjustments must be made so that a more fair comparison can be made. For example, adjustments might be made for size, condition, land on the property, number of bedrooms, number of bathrooms and other amenities.
In order to make these adjustments, the appraiser will need to have enough information about your home and the homes that were sold. Typically, the appraiser will visit your house and do a thorough inspection of it. Information about other houses used as comparable sales can generally be gleaned by looking at the real estate listings and talking to the real estate professionals involved in the sales.
How Much It Would Cost To Build New
Another method an appraiser might choose to employ when valuing your house is the so-called Cost Approach, which considers how much your home would cost to build from the ground up. To find out that information, the appraiser will generally consult industry cost tables to give them an idea of what lumber and other supplies would cost.
This approach is generally used if you live in an area that is seeing a lot of new construction; if you’re looking to sell your home, a prospective buyer might be interested to know whether it makes more financial sense to buy your house as-is or raze it and build something new.
Zoning is a very important part of any Auckland property valuation. Zoning rules dictate how large your house can be, what kind of fence you can have and other housing issues. If your house is in a restricted zone, that can affect how valuable it is to buyers. If your house is in a zone that allows for a number of uses, it could be more valuable.
For more help in figuring out your own Auckland property valuation, enlist the help of professionals at My Valocity. They can provide you with an estimation value report and other help that can give you some idea of how much your home is worth.