The price of your property may be incredibly influential to buyers; therefore, it’s an extremely important piece of information to get right. But how do you know how much your property is worth? Here is an summary of the different methods you can use to determine the value of your property.

How Much Is Your Property Worth

Professional Valuation

The price of your property may be incredibly influential to buyers; therefore, it’s an extremely important piece of information to get right.

But how do you know how much your property is worth?

To determine the value of your home, you can get an inspection from a certified and professional valuer.

Valuations will cost money, but will provide you with an unbiased and informed assessment.

Professional valuers are independent. This means they are not associated with any real estate agency, so can give you an unbiased figure.

Information is compiled into a report and then sent to banks and lenders. A property valuation is often required when you apply for housing finance.

Valuers will usually use one of the following methods to assess your property:

Direct comparison: This assessment is based on a comparison of recent sales in the area of homes similar to yours.

Capitalisation: Mainly used for investment properties, this method involves the application of an investment yield to determine rental income.

Summation: This method involves the assessment of the value of the land. The value of improvements such as structural buildings can be added on top.This method is usually undertaken when there are insufficient comparable sales of similar properties.

Agent Appraisal

Real estate agents give free market appraisals and can apply their local market knowledge and expertise judgment of recent sales in the area to provide you with a figure.

They won’t just include their own sales, but will analyse others in the area to give you a good idea of your property’s value.

This will give you an informal estimate of how much you might be able to receive from the sale of your home. Moving Arizona

The figure you’ll be provided will most likely be based on recent results for the area and market conditions, plus the agent’s insight into the features of your home.

What’s the Difference?

A professional valuer may provide you with a figure that does not reflect or represent an individual’s interest in the home and is merely based on market analysis. This could mean a lower value figure, which could lead you to underprice the home.

However, an agent appraisal is informal and can differ between real estate agents. The figure an agent provides will reflect how much they think will be obtained if you list with them.

Important Points to Consider

Don’t set the price of your property based on one valuation. Instead, obtain a couple of quotes from various real estate agents and use that information combined with a figure determined by a professional. This will help you to set a fair and achievable price.

Be aware of how your emotions may affect your decision. While everyone can think their home is worth $1 million, it’s not always the case! Be realistic about your pricing and talk over any areas of concern with your agent, as he or she is the expert.

Attracting and retaining the right tenant for your investment property should be one of your most important objectives. Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants. Good tenants are still the key when it comes to maximising the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property.

Good Tenants – What Do They Want?

Attracting and retaining the right tenant for your investment property should be one of your most important objectives.

Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants.

Good tenants are still the key when it comes to maximising the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property. We buy houses in Boca Raton

Recommendations to Help You Attract and Retain the Right People

1. Be fair: Rental prices have sky-rocketed around the country but that doesn’t mean you should jack up the rental on your property. Use the average price of rental properties in your area as a guide: if you go too high you’ll limit the number of applications you receive.
2. Think about how you advertise your property: Focus on the best features of your investment property and don’t forget to include the attractions that are close by, for example shops, schools, pubs, restaurants and public transport.
3. Check references: Ask all applicants to provide a reference from their previous landlord and give them a call. You’ll need to ask questions about the condition of the property on the tenant’s departure, whether or not they paid rent on time and if there were ever complaints from the neighbors.
4. Make your property pristine: When applicants are inspecting your property it’s essential that it’s in tiptop order if you’re hoping to attract the best tenants. Fix all problems and make sure the property is clean and gardens are neat and tidy. Splashing out on a fresh coat of paint is well worth the effort.
5. Be a good communicator: If your chosen tenants are keeping the property in good order and are meeting all their repayments on time they’re well worth hanging on to. To make sure your tenants stay satisfied, keep on top of any repairs that need to be made, investigate any requests and give your tenants plenty of notice if you are going to call around or make an inspection.