Owning a house is not less than achieving a milestone. A lot of thought and procedure goes into it. Especially in today’s day and age where the property prices are hitting sky high – you need to know resale value.
But, what is the resale value of a property?
Resale value is the price to which the property will sell anytime in the future. It also includes the condition and cost of any improvements made to the property. The age and the stage of the property are substantial factors while reselling.
So, you need to be aware of the different factors while buying or investing in the property. Having an agent by your side is always helpful as their professional expertise advises you whether it is fit for the investment or not.
How to find one?
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However, if you want to scout on your own – no problem. Know the crucial aspects you need to consider from the points below,
Present before past
What is the price of the properties in the neighbourhood? Is the current one competitive enough? If not, then why? These are the basic few questions you need to ask the property dealer. Ask your agent to provide other properties in the neighbourhood for the same price.
Comparing gives enough information to evaluate the valuation process, especially when you are thinking of resale. Once you know the present prices, you can also check the historical rates at which it was sold. Reviewing the past prices will help you understand whether the property value increased or not.
Why do prices differ from a property that is in the city to the one in the suburbs? Sometimes the less maintained property downtown costs twice more than a plush home in the suburban area. It is because of the vicinity and the proximity of the available services.
The distance from your house to the nearest transport station, hospital, school, drugstore, etc., determines the property value. Upcoming infrastructure construction will also incline the price range in the future. For example, the government’s decision to build a school nearby your property is a definite indicator that there will be a distinct increase in price.
The house maintenance
The house condition is a crucial factor in determining its price. It doesn’t matter how high-end the neighbourhood is – if the house looks like ruins, it gets the price it deserves. Assess the condition of the plumbing, electricity and overall form.
Is the house energy efficient? How much storage space does it have? Is the layout comfortable? The look of the master suite and other rooms etc. If you intend to renovate some portions or the entire house, do not forget to add that to your resale value. Understand the home’s potential and calculate its return on investment (ROI) before financing it. Contacting the agent and discussing these will always be helpful.