Home loan is the big task, which we take in our life to own house of our dream. It’s a very daunting task for the borrowers to calculate the value of property, which they are willing to buy. However, we can’t get the correct advice an there is a lot confusing information we get from the brokers/ agents and media. This article may help you to calculate the value of property.
What is Market value?
Market values is the value of the property, which can be negotiated between the buyer and seller before coming to the final amount, after doing a proper marketing of the property. This value is not the present listing amount nor the amount of the most current offer on the property.
The below steps are for your general reference for calculating the property value. Don’t depend completely on that be clarified before coming to the decision.
Find Local sales:
The easiest method of finding the property value is to compare the property within the area where the property has sold recently. Or you can do online research for getting the price of the value in that particular area. You can find the local real sites websites who maintain this data. You can take this value as reference to get the value of the property.
- Within a range of 1 Km from the area where you are looking for the property.
- Similar to the property you’re looking for in the same area.
- Sold in the last 6 Months.
How much the property are similar which you’re comparing to?
The property with which you’re comparing lies in the same area, what is the area of the property, how much property is built, whether it’s an open land or well build home (partially or completely built). Number of rooms, what is the quality of the property. If all these factors are same for both the lands then you will get the accurate price for the property otherwise it’s not. Try to research on various websites for some period of time, you will get to know some idea about the prices of the property.
Superior or inferior?
When you have a list of properties, that are similar to the property which you’re looking at, check which is superior and which is inferior. For deciding this you need to see the following factors such as the location, living area, parking, land size and views. Bank evaluators will generally look at the land and building separately.
Adjust to market movements
In this changing market condition, we can’t say that the amount which is there for some months before will be same at present. You have to make some small difference up and down so that you can meet the current value of the property.
Take the assistance of the family, friends, and relatives to get the proper guidance. Taking home is the very daunting task for every middle class family. Before applying for a home loan you must have to think in different directions to go with the low interest rates for loan.
You can take the assistance of our financial executives for taking a home loan in Hyderabad. Or in other locations in India.