Considering selling your house? In the process of purchasing or investing in real estate? Then the first thing you got to do is ask yourself what’s the value of my house or in other words how much is my house worth?
By learning how real estate valuation works, you can choose the right property to purchase that also serves as a lucrative investment opportunity.
4 Factors To Help You Valuate Your Home
House valuation is defined as a long process that takes into account many complicated factors. But to keep it simple and to the point, there are 4 factors that you have to put into consideration before purchasing a property. These factors will help you purchase the right property that only grows in value over time.
1. The Neighborhood
First, the neighborhood is one of the most important factors you have to consider before purchasing a property. A good neighborhood has easy access to major roads, prestigious compounds, and a large number of facilities. It also helps if you are in a good school district or have accredited universities nearby.
2. Home’s age and condition
This is a crucial factor if you are purchasing a resale property (but it’s not that important for primary properties). It’s a no-brainer why the property’s age and condition are important, if it’s old or in bad shape, of course, that’s going to cause a dent in its price when you are selling it.
Accordingly, by treating your home well and keeping it maintained, you are raising its value when the time comes for you to upgrade.
3. Property size
Another crucial factor to consider when purchasing real estate is the property’s size and making sure you know the total area, built-up area, and if you’re purchasing a property in a compound, it is also a bonus to be in a large compound.
4. Local Market
Last but not least, you have to consider the local market’s conditions. This may be one of the hardest factors to consider because a market’s conditions are dynamic and a bit hard to predict. However, you can always seek professional help from property consultants to know what’s expected for the local housing market.
To put that into perspective, let’s consider the current housing market in Egypt. Due to the devaluation of the Egyptian pound, people are putting all their money into real estate. As a result, the real estate industry is booming these days and there is no end to that upwards trend in the near future.
Learn more about the Egyptian real estate industry in How Did The Recent Devaluation Affect The Real Estate In Egypt?
All these factors you should consider before purchasing a house. But what if you already have a house and you are considering selling it, what should you do?
How to increase your house’s value?
First impressions last for a lifetime, so try to ensure that your house is perfect when interested buyers are seeing it for the first time. To make your house more sellable, you can start with these simple 6 tasks
- Clean your home (seems a bit obvious but you would be surprised)
- Declutter and throw out every unnecessary item in your home
- Open all windows and let natural light in or if they are coming at night ensure all rooms are well lit
- Add some greenery and potted plants
- Bake something, so your house has a homey smell
- Depersonalize your home (take out personal photos or memorabilia)
In the end, it is important to note that before making any purchase in the real estate industry, you have to consider the 4 major factors we have covered or you may be stuck with it for life!
