A question often asked from home owners is what is the basis on which an appraiser calculates the value of their home property in India. This is because most people who are thinking of buying a home in India may not be aware of the basic things that determine the value of such properties. The basic things on which these calculate are simple. They are as follows.

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First the prices are generally advertised by the builders and promoted by the media. The prices are generally determined depending on the place where the buyer intends to stay. In other words they are generally advertised to attract potential buyers. When a person intends to buy a home in a particular locality then the price per square foot is generally advertised in local newspapers and is generally a guide to determine the prices. Usually the price per square foot is not much different from the prices advertised by the builders.

 

Home owners must also be aware of the various factors affecting the market prices of homes. This includes but is not limited to taxes, government policies and regulations, competition among builders and the real estate agents and the like. There are so many factors affecting the market. Therefore, home owners must be aware of what is the basis on which the appraisers arrive at their final price on the sale of the home. They must also understand that the base price will be different for each and every individual case.

What is the Basis on Which Appraisal Websites Calculate Your Home Property Value?

 

So the question still remains, who is going to be determining the value of the house? A residential building is generally priced by the real estate agent based on a comparison of several factors. The most common factors are; the condition of the building, the condition of the site where the construction is going on, the demand for properties in that area, the location of the building and the number of existing properties in that particular area. This is what is the basis on which appraisers calculate the base price of the property they will appraise. When an agent has completed his calculation he then comes up with the final selling price of the house.

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Now let us take a look at how this price is arrived at for a house, as this will help us understand what is the basis on which the appraiser calculates the home property in your neighborhood. When an agent has calculated the price of the property in your locality then he takes into consideration the condition of the building, the demand for homes in that area, the number of homes existing in that area and the recent trend in the selling price of these homes in your locality. This final price is then compared to the average sale price of similar homes in your locality in the same neighborhood, in order to arrive at a final price.

 

Now you must be wondering what is the basis on which an appraiser to arrive at a price? It is simple, the area has a certain trend in its price movements. For example, if the home price in your locality goes up and down every now and then and if it is common for homes in that area to sell for prices much higher than the average sale price of homes in your locality, then an agent can make a calculation based on this information and arrive at a price. In fact, in some cases an agent will even have to wait for a few months before a home comes up for sale in your locality and thus can make a better calculation based on what is the basis on which an appraiser to arrive at the final price.

 

You need not worry about the fact that you are paying too high or too low for your house. There are several agents who will do just that; they will deliberately give you a false sense of what is the basis on which an appraiser arrives at the final price for your home. Remember that there is no such thing as a magic wand that will magically fix your home value and you do not need to become a victim of such tricks. Rather, you just need to look out for an experienced and reputable real estate agent who will offer you a fair price for your home and will not try to pull any fast one on you.

 

As mentioned earlier, when you are selling your home, you should avoid giving an inflated price. Remember that you will need to factor in the repair cost and the time taken to renovate your home. Remember that buyers get excited about properties with very low prices and they will not mind paying more for your home if they feel that it is in good condition. If you are having a tough time justifying the price of your property, then it would be better to leave it for the experts and leave your task to them.

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