How To Estimate The Value Of A Home For Sale Yourself & The Cost Of A Professional Appraisal

Estimate The Value Of A Home For Sale Yourself

What is real estate appraisal, and in what cases this procedure is carried out? Almost everything in our life has a price. We live and do not think about how much this or that thing that we already have is worth. But there are completely different situations when it is necessary to determine the value of not only the objects that surround us, but also real estate, namely the house and the land plot that adjoins it.

There can be many reasons for appraising a property.

It is produced by:

  • To calculate the amount of tax that is levied on the purchase and sale of real estate;
  • To calculate the amount of payments for the Pension Fund;
  • To determine the amount of state duty;
  • For a bank if you are applying for a mortgage;
  • To determine the amount that is part of the authorized capital ;
  • In the case when the house acts as a pledge;
  • When it is necessary to determine the amount of insurance payments for real estate;
  • When placing an arrest on a house;
  • In case of property disputes;
  • During divorce proceedings, when all property is divided between the spouses;
  • If the construction of residential buildings is incomplete;
  • When project investments are calculated.
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Depending on the purpose of the appraisal, you can set the price yourself, or involve professional appraisers.

When and who should evaluate the house and land

In most cases, property owners assess their property on their own. This mainly happens when a home is sold. That is, the seller himself sets the price he wants to get for the property.

But there are cases when the assessment should be made by a certified specialist. For example, when you apply to the bank for a mortgage, or your property acts as collateral, or maybe the property is divided between spouses in court, etc.

Some people cannot set an adequate price in order to sell a plot of buildings. In this case, they turn to realtors in real estate agencies in Manchester. Employees of these organizations determine the market value of the house and plot.

But remember that the estimates by realtors are not accurate. It is relative and is most often established on the basis of similar proposals in your locality or region. Therefore, even if the real estate agency provides you with a document that will indicate the value of your property, it will not be possible to use it during legal proceedings, taking a mortgage, etc.

Where to go for a professional assessment

If you want to entrust the appraisal to specialists, then you will have to contact organizations that specialize in freeproperty valuation.

  • All appraisers have strict requirements:
  • They must be members of the SRO.
  • SROs (Self-Regulatory Organizations) are non-profit associations whose activities are regulated by the state.
  • Have the appropriate certification.
  • Have a civil liability insurance policy in the amount of 30 thousand rubles. and more.
  • Have a good reputation.
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If you need to appraise property in order to resolve issues in which banking institutions are involved, they can offer a specific appraiser. This is because financial institutions cooperate with appraisers on mutually beneficial terms.

Step-by-step instructions for assessing a residential building with a land plot by a specialist

Now we will analyze the sequence of your actions, if you invite an appraiser to determine the value of your property.

You need to find a certified individual or legal entity that will be a member of the SRO, have an insurance policy and have an excellent reputation.

Contact him, make an application and discuss all the terms of your cooperation. Namely:

  • Appraisal cost;
  • Terms of order fulfillment;
  • Indicate the purpose of the assessment and its type.
  • Draw up and sign a contract.
  • Then you provide the necessary documents:
  • A copy of your passport;
  • Cadastral passport and land plot plan;
  • References from the BTI along with the floor plan of buildings;
  • Documents confirming your ownership of the land plot and existing structures.
  • Agree on the date of the appraiser’s visit.
  • Clean up the house and the surrounding area.

The specialist you hired arrives at the specified address on the agreed day and evaluates your property, takes a photo, checks if there are any illegal buildings.

After that, he processes the received data, draws up an official document, which indicates the value of your property and transfers it to you.

If the value of your property is determined by a professional, then you will spend a minimum of effort and time, but you will have to pay a certain amount for this. But in some situations (we described them above), it is simply impossible to do without expert assessment.

How realtors evaluate a house for sale

If you need to sell a house with a plot, but you do not want to do the appraisal yourself, fearing to put a very low or too high price, then you can use the help of real estate agencies in Manchester.

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To do this, you find an experienced realtor and ask him to determine the value of your property for a certain fee.

Remember that real estate agents only determine the market value of a home.

To do this, they use several assessment methods:

Analog – 3 transactions already carried out in your area in the last 6 months are taken into account. At the same time, the characteristics of the houses are similar. That is, based on the plots already sold, the price of your property is formed.

Costly – suitable for newly built houses. To determine the value of a house, all construction costs are added up.

In practice, complex appraisal is used for real estate appraisal.

To find out the cost of a house with a plot, the market is monitored, after which the average price of a house is determined and the average price of one hundred square meters of land is determined.

Then the calculations follow:

Total S land plot * The cost of 1 are of land + Market price of the house and existing buildings = The approximate value of your property.

Conclusion

Depending on different life situations, you can assess your property independently or involve specialists.

If documents on the value of real estate must be submitted to the court, insurance company or bank, then you will have to involve a professional appraiser.

If you just want to sell your property, you can make an assessment yourself. Thus, you will spend your time and effort, but save money. Moreover, you can contact realtors at any time.

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