Evaluating Property!

In the real estate industry, the concept of value is vague. The value of a house (or condominium) fluctuates often, based on many situations, such as ever-changing market conditions, the condition of the home, and the costs associated with owning it. For this reason, it's difficult to answer the question, "How much is it worth?" There is one certainty, however. The answer to true value does not lie in how much the seller wants for his or her home (though that is what the seller and the listing broker want you to believe). In fact, the listing price of a home sometimes has nothing to do with its market value. Figuring out how much a home is actually worth can be tricky. Homework, a calculator, and time spent recognizing certain "value markers" together with comparable, accurate information determines what a property is worth relative to others similar in the area. Where a home is located (within a city, within a neighborhood, on a particular street, within a single building) is crucial when determining its value. When you begin to compare properties, it's important to factor location into the house valuation formula. Where is the property located relative to the entire neighborhood. Are shops and various services within walking distance? Is the house close to access major forms of transportation or to schools your children will be attending? Is it too close to any of these amenities? Many families want to be within a few blocks of the local public school, but prefer not to have backyards adjacent to the school playground. Think about where the property is located on its block. Is it on a corner, or an interior row? Is it next to a high-rise building or walk-up apartment building? Are there many homes just like it on the block? Does the block have a nice residential feel or is it mixed residential/commercial? If considering a condominium, consider similar questions. However, with a condominium, consider where the property is located within its complex. Do you prefer that it be located on the perimeter, or is an interior location better? Do you prefer a middle unit or an end unit? Is the unit close to the entrance of the complex, or do you have to drive a distance to get there and does that make a difference to you? If the condo is located in a high-rise, consider where the unit is located in the building. If one side has a fabulous view and the other doesn't, value will be affected. If you want help with evaluating property, be sure to call one of our HomeLife Real Estate Professionals TODAY!

 

HomeLife Welcomes You & Extends PROFESSIONAL SERVICES!

 

 

from Dana, Hanna, Joanna & Barb!
Real Estate Specialists
HomeLife Real Estate Professionals Ltd.

#200, 12907 - 97 Street

Edmonton, AB  T5E 4C2

Phone: (780) 457-5100
e-mail:

Dana Wloka, Broker
Hanna Drozdowski, Agent
Joanna Wloka, Agent
Barbara Grodaes, Agent