Whether you are looking at selling your home, or you have simply decided that you want to know more about what your property is worth, it is time to look into the value of the property that you own. Real estate is a tricky field and there are a number of different variables to consider with regards to the valuation of any property.
When you are first looking at a piece of real estate to determine its value, start by looking up various properties of a similar size and appearance that have sold within the last six months. If you are looking at your own house, take a look at the houses around yours. In some cases, you will be lucky and the property in question will be on a track with many other examples of the same layout or floor plan. If you cannot find comparable pieces of property near you, you can expand your search, though this introduces a greater margin of error. When possible, stay close to home.
This phase of the valuation process requires some research from you. Take a moment to get online and to find houses for sale in your area. All the houses in one area tend to have features that make them comparable to one another, and the closer a house is to you, the more likely it is that the price will be similar. You can also contact a local real estate agent for recent prices of sold houses in the area that you live.
Once you have at least five to seven examples of properties that are similar to the one in question, add the values together and then divide by the number of samples that you have found. This gives you a rough average of what these properties are worth.
Condos are unique real estate properties. They combine the low maintenance lifestyle of apartments with the benefits of home ownership. If you enjoy apartment living, then chances are a condo is right for you. Use this short guide to help you make the best decision when purchasing your new home.
Get to know the HOA
If you have only lived in single family homes, chances are you’ve never had to deal with a homeowner’s association, or HOA, unless your home belonged to a neighborhood. Even then, the HOA for condos is a different entity than the ones for single family neighborhoods. Both enforce the rules of the area, but because all condos share the same building, these rules are often far more stringent. They can include not letting you paint your front door or keep a pet. The HOA can even not let you rent out your condo.
Therefore, before purchasing any condo, you will need to read the HOA bylaws. If you have trouble deciphering the bylaws, use the help of a real estate lawyer to make sure you understand what you are signing. Once you purchase the condo, you are consenting to abide by all the rules of the HOA. If you don’t follow the rules, the HOA can legally evict you from your home.
Check out who manages the property
Like the HOA, knowing who manages the condo property is also important. Many condo communities offer excellent amenities, like swimming pools, fitness centers and parks. However, if these properties are not kept up, the entire community will suffer, creating lower property values. Do your part to avoid any unfortunate surprises by looking into the management company. You can do this on your own or through a real estate lawyer. If the management is currently embroiled in several legal battles across the country, it’s a good bet that they have a bad track record. Don’t buy into a condo that will not be properly cared for by management.
Real estate agents are trained to provide a variety of property services for homebuyers and sellers. Some real estate agents offer specialty services. You may contact an agent who specializes in helping first-time homebuyers, investors or to obtain help with relocation services. Many agents work a variety of hours. A professional property agent can help Read More…