- Posted August 7, 2014 by
How To Check Your Apartment’s Worth In Today’s Market
Apartment living presents more advantages, especially for those who are still trying to build a professional career and dealing with the budget constraints of receiving just adequate income to support a basic lifestyle. It is the most economical option for independent living as the usual security and upkeep requirements of owning a house is eliminated.
In choosing a more financially accommodating dwelling option, knowing the true market value of an apartment is important because this will enable you to make the right decision. Everything in the listings found online and in other places is too expensive, considering how truly basic the apartment features are.
How to check if your apartment is holding its value
Get a comparative market analysis or appraisal. This is usually done by a certified real estate professional.
Use apartment valuation tools online. This is the best way to know the value of a particular apartment. Sellers can be informed ahead of time before they close any deal. Clients can check and compare if what they are paying for is worth it.
Whatever results you get in checking apartment value, note that these estimates are based on local sales and prices at one point in time. There are direct factors that results in a steadily appreciating property values and there are also indirect factors that decimate property values.
Direct factors appreciating property values
• The history and identity of a community, its adequate resources, efficient city services and its perceived desirability by current buyers
• A neighbourhood that is attractive, safe, and well-located
• Good schools, parks, bike paths, libraries, and other amenities surrounding the place
• Easy access to transportation whether it's public transportation or a nearby freeway
• Zoning decisions and community development plans
• Drastic economic change may lower or appreciate property prices and sales.
• Metropolitan areas compete for a limited supply of housing which translates to a higher property value while prices in smaller cities and towns remain low. Demographic change affects apartment value.
• Natural disasters like earthquakes, hurricanes and other severe natural phenomena can depreciate properties temporarily. Recurring occurrence can drive property values into the ground.
These factors will always have a role in apartment valuations whether you are an apartment buyer or seller. Basically, you can get the value of your apartment by dividing the sales price over its size in square meters. However, only an apartment specialist has the skills to tell you what your apartment is worth and what it is not. If you want to get a report giving you an accurate assessment value of your apartment in Auckland, you can use this free evaluation tool.