Successful business owners have one thing in common; they rely on unbiased sources to give them a frank and accurate picture of their investment. Now you might not be a small business owner, but there’s a lesson to be learnt. That’s where a reliable Whangarei home appraisal comes in. The numbers from the appraisal report will greatly influence your key business decisions particularly on forging a profitable path for your greatest asset.
What Is a Home Appraisal?
A home appraisal is all about knowing the current market value of your property. There are many factors to consider when coming up with an unbiased valuation of a house, as this is in comparison to similar types of homes in its location or market. Such home appraisals are done by seasoned and licensed real estate professionals in Whangarei.
One such appraisal expert is Louise Payne NZ, she brings over 15+ years of experience in Northland real estate. Her down-to-earth, friendly and practical approach is known to many in Whangarei as she can carry out a competent no-obligation appraisal or even advise you of the best course of action after receiving an appraisal report.
That said, determining your property’s value means you have greater control over major financial decisions. But before you can embark on a free home appraisal, it would be great for you to know about the two basic kinds of home appraisals:
Two Common Types of Appraisals:
A real estate expert may approach your home valuation in two effective ways, depending on the type of property you have and your requirements, they may proceed with an appraisal that’s aligned towards your real estate goals:
1. The sales comparison appraisal. This is a data-driven approach using market value comparisons of the property with recently sold and similar properties. Factors such as lot size, neighborhood and house features drive the estimated value.
2. The cost approach appraisal. This is a deconstructive approach in terms of estimating the value of the property. Estimates on the land alone, the structure plus calculating for deterioration and obsolescence (which are the functional effects of outdated key features). These estimates are then added to reveal the total value of the property.
A System of Checks and Balances
When determining a home valuation, a local Whangarei real estate expert will consider the following factors:
- Recently sold properties in the area based on size, space, location, features and amenities.
- Location of the home, including views or other remarkable features.
- Notable and sellable features such as the number of bathrooms and bedrooms.
- History of renovations and the quality of the home remodeling.
- Checking overall sale prices in comparable neighborhoods.
- Built-strength and condition of the house.
An accurate house appraisal keeps you grounded. It gives you a straightforward insight on how to proceed with your investment. Though appraisals in Whangarei are done by skilled and experienced real estate experts, the appraisal report they will produce for you will be needed by a multitude of professionals from lenders, banks, buyers, sellers and real estate agencies. This is crucial in gaining a clear understanding of how your house stands in the real estate market.