Purchasing a home is a big decision. Owning real estate is often a significant milestone in the lives of many people. A home is a long-term investment, and you don’t want to rush the process of choosing one.
You’ll have to consider several different things when deciding on a home to buy. You’ll also need to review the existing value of the property. A great way to find value is to get an independent property valuation in NSW.
A property valuation is a report prepared by a Certified Practising Valuer (CPV) that outlines the market value of a subject property. The information included in the report will often cover a range of insightful information.
Outside of the potential selling price, there are various other factors to keep in consideration when deciding on the right home for you.
The factors to consider when buying a home
A home should be a comfortable and welcoming living space. Nobody wants to feel out of place, anxious, or cramped when at home. Choosing a place that suits you can help you find a suitable place of residence.
A few key considerations are:
Location
A paramount factor overall. Identifying a desirable location is key to finding a suitable home. Ask yourself where you would prefer to stay and what your lifestyle preferences are. Do you prefer a quiet neighbourhood or would you like to be close to entertainment options? Would you like to be close to schools, hospitals and shopping malls or would you prefer to stay in a more spacious and isolated area?
The location of the property also directly affects value. A property in a generally desirable area will likely be worth more than one in a less-than-desirable place.
Property type
Another crucial consideration is the type of residential property that you prefer. A range of options exist throughout NSW, from houses to villas to apartments. Residential property preferences varies between people and their circumstances.
You’ll have to think about which property type suits you best. Each type has its own advantages and disadvantages.
A house is often more spacious but requires heavier maintenance. An apartment is smaller but often more convenient and comes with shared amenities. Only you can decide which property type best suits you based on your existing and future needs.
Your budget
Do not overspend on a home you aren’t financially prepared for. Establish a realistic budget; this will help you narrow down your options to only properties that you can afford. You’ll have to think about factors such as the potential purchase price, ongoing expenses, and any related additional expenses.
Consulting with a financial advisor can help you gain some clarity on your current finances. Knowing your budget helps ensure you don’t overextend yourself; leading to a swifter and smoother purchasing process.
Professional opinion
Getting some help from a real estate professional is always a smart move. In NSW, Certified Practising Valuers (CPVs) are considered the most trusted and qualified among property specialists. As independent experts, they are adept at performing comprehensive reviews on residential real estate and can provide insight into property market values.
CPVs often provide pre-purchase valuation services to help clients make informed decisions regarding the purchase of a home. A valuation report is a hugely beneficial tool for anyone seeking a new residential property. As the housing market is ever-changing, assistance from a CPV is essential.
How are residential properties valued?
A residential property will often involve a full inspection of the property. Valuers can also prepare desktop valuation reports which do not include an inspection; CPVs use property and market databases to determine the home’s value.
A full valuation report will be more precise in its calculation than a desktop valuation, but both are highly accurate.
A few of the key considerations valuers take into account when determining market value include:
- Location
- Size
- Space
- Street appeal
- Building age and conditions
- Renovations and renovation-potential
- Market conditions
By going through hundreds of internal and external factors, valuers can prepare reports that accurately reflect the monetary value of the property. Remember, an independent property valuation report is legally accepted as proof of market value.
Summary
Never underestimate the importance of taking your time when it comes to buying a home. Rushing into a long-term investment can have grave consequences, so you’ll want to carefully think about every factor before making a decision.
Finding the right home can be tough. Important considerations include the location, the property type, your budget, and the existing market conditions. By carefully considering every relevant factor, you can make an informed decision regarding a future home.
A range of different factors impact the market value of a residential property. These include location, size and space, street appeal, building age and condition, the state of the market, and more. Valuers go through every contributing factor to determine the accurate value of the home.
At Valuations NSW, we have a team of expert residential valuers skilled at preparing precise and reliable reports. If you would like to learn more about our home valuation services and how they can benefit you, give us a call today.
