HOW TO REAL ESTATE VALUATION LATEST IN 2023
A real estate appraisal is a necessary activity to know the value of the real estate to ensure the interests of buyers and sellers in every transaction. You can determine the property price yourself or use the valuation solutions of banks or real estate valuation services.
What is real estate valuation?
Real estate valuation is the estimation of the value of real estate in money at a certain time, where the house price depends on the following factors: location, area, time, legal policy, economic conditions regional, market, and social issues.
Owners can do their valuation, but this price is not considered legal. The valuation is said to be correct if it conforms to the valuation standards and is accepted by the market. If the valuation is not suitable, the owner must adjust it until there is an agreement and consensus between the buyer and the market.
When do you need a real estate appraisal?
Most people who are interested in real estate valuation have the following goals:
- Valuation of real estate to preserve real estate
- Valuation of real estate to buy, sell and transfer real estate
- Real estate valuation when you want to convert land use rights
- Valuation of real estate as a basis for compensation
- Valuation of real estate for mortgage loans
- Real estate valuation as the basis for insurance
In addition, it also serves other purposes such as some businesses need data to prepare financial statements, bookkeeping, liquidate assets or auction real estate.
STEPS TO ESTIMATE HOUSE ASSESSMENT
Many sellers want to price properties to offer a fair price that is commensurate with the propertys value and attractive enough to attract many homebuyers. It is becoming easier and easier to receive information, allowing people to make their own decisions quickly and accurately. Here are 5 simple steps to self-assess real estate you can refer to
Step 1: Valuing real estate by location
When valuing a property yourself, the first thing to focus on is the location of the property. In more detail, you need to determine which area your real estate is located in, and which district, whether it is on a large or small street, a main alley, or a side alley. Accordingly, the houses on the street have higher commercial value, so their prices will certainly be higher than the houses in the alley.
Step 2: Real estate valuation through the local land price list
After finding the location of the real estate, you need to spend some free time referring to the latest land price list issued by the provincial and city agencies under the central government. In addition, you can also consult real estate market prices based on information from banks, real estate companies, or famous online real estate valuation websites.
Currently, information channels about real estate are quite popular, just one click can query house prices, land prices, and other information in the area and surrounding areas.
Step 3: Valuing the house through the condition of the house
Besides the location factor, one of the most important things to do when self-assessing real estate is knowing how to classify properties and determine whether your house is a level 4, level 3, level 2, or level 1 house. , villas or luxury apartments... and when assessing the propertys condition, you need to calculate the depreciation of the propertys value by calculating the life of the house based on the construction and repair time of the house that house.
Step 4: Valuing the house through the selling price of the houses next door
Based on information from popular media or real estate exchanges, you can easily find housing information in your area. In addition, you should find out similar properties such as size, location, and transaction area to compare prices.
Pro tip: you should act as a homebuyer, research homes for sale in your area, and ask for prices. If possible, consider the price of three apartments.
Alternatively, you can also ask your neighbors or the neighborhood leader about houses and plots of land for sale in the neighborhood. If you are in a market where property prices are hot, you can increase the asking price by about 10% of your valuation information. And if the real estate market is in danger of freezing, you can use appraisal information as a tool to set a sale price at the price you surveyed plus about 5%.
Step 5: Synthesize information and conduct the final assessment
After youve gathered a lot of useful information, its time to review, aggregate, and compare all the information and determine a fair price for your property. If you are still confused before making a pricing decision, you should ask an experienced person or a professional appraisal company to avoid making a serious misjudgment.
The value of the real estate is constituted by many factors, so to determine the exact price, we need to have full information such as legal status, state planning related to real estate, and real estate. ...
ACCURATE HOUSEHOLD AND LAND VALUATION METHODS
There are many different valuation methods. Therefore, the valuation unit will apply the appropriate method according to the tenants purpose.
Comparative method: analyze the price at the time of appraisal of real estate that is similar to the property to be appraised, which has been successfully traded or is being traded on the market.
Cost method: commonly used in professional property valuation, uncommon in the market, used properties, or properties that do not qualify for the comparison method.
Income method (investment method/capitalization method): applied to determine the value of investment properties.
Profit method: used to value assets that are difficult to compare with similar assets. Because the value of an asset depends on its profitability. For example hotels, restaurants, cinemas…
Income method (business analysis method/growth method if applicable): used when valuing real estate with growth potential
For the valuation of residential land and townhouses, banks and appraisers often use the comparative method to determine the value of residential land and townhouses.
SOME RELIABLE HOUSE ASSESSMENT SOLUTIONS:
There are cases where individuals self-evaluate real estate but cannot convince the parties. At this point, you need to find an intermediary to value the property most objectively. It is through a bank or a real estate appraisal service.
Real estate valuation through banks
How do banks value land? The procedure for valuing land for banks to lend is quite strict, so the evaluation results will be reliable. However, this process is often very time-consuming. In addition, banks often set prices at a safe level. As a result, actual house prices maybe 10-20% higher.
Valuation through real estate valuation service
The real estate valuation service will appraise the suitable house price according to the market price at a certain place and time to serve the purposes of the parties. At the same time protect the legitimate rights and interests of the parties.
Real estate appraisal service is one of SunValues strengths. With an abundant price data warehouse, and human resources with high professional experience, SunValue will provide customers with valuable information. of real estate with high reliability for each appraisal purpose.
Why appraise real estate at SunValue?
- The use of real estate valuation services requires you to spend a certain amount of money, the cost of real estate valuation is usually not fixed, but the cost of valuation will depend on the nature, characteristics, size, value, and complexity of the property.
- However, SunValue will give you fast and accurate results. Free consulting services, appropriate appraisal fees, confidential information, along with reliable price data sources will bring the best experience to Customers.
- The appraisal results of the appraiser are objective. This result ensures the confidence of buyers and sellers, avoiding the risk of over-selling.
With more than 20 years of establishment and development, SunValue is proud to become one of the leading real estate appraisal units in Vietnam, the leading brand in Vietnam by 2023, with a system of nearly 50 branches and transaction offices across the country. country. As a reputable, independent valuation unit, pioneering in technology application in valuation, helping to monitor real estate price fluctuations, and completing price data to support the development of Vietnams real estate market and International.
Contact SunValue now for questions and consultation!
