The real estate market history has seen several crests and troughs based on social, geological and economic conditions. Still, despite their variances, obtaining a higher home appraisal value is possible without having to spare a fortune in fixtures. Read on to learn how homes for sale in Medellin, Colombia, are attracting and closing six and seven-figure deals!
Does House Appraisal Matter?
A house valuation or appraisal is an activity that establishes the estimated value of the property.
The property assessment and evaluation performed by a licensed appraiser will define its fair market value, based on which the buyers and sellers can determine whether it’s worth their investment.
In most cases, buyers often do not seek these professionals’ help and end up paying more to the sellers. While it creates instances of bad trade practices and many other outcomes, it’s still a less trusted activity in most regions of the world.
Contrary to this truth, the Colombian real estate market does not represent similar patterns. Modern buyers and homeowners in Colombia know the importance of appraising a house before buying and selling it respectively. The importance of hiring such an entity can be better understood by learning about its benefits and disadvantages.
Benefits & Pitfalls of Getting House Appraisal Before Signing Deals
- Acquire a good understanding of your property’s worth per the current market conditions.
- List the correct price to enhance the likelihood of a quicker sale.
- Pay the appropriate property taxes based on the actual market value of your property.
- Assists informed decision-making during a purchase to gauge the correct down payment.
- Learn about the valuation of your property elements in the market.
- Obtain absolute capital against your property when mortgaging or refinancing.
- Lower-value evaluations may repel any prospective buyers.
- Inaccurate valuations by licensed but non-professional appraisers hurt the property market.
While these are only some of the many truths about getting house appraisals, skipping it can indeed set you up for losses. That’s correct. A study finds that buyers are willing to pay 7% more on average to purchase homes that depict a premium curb appearance. In perspective, suppose you spend approximately $3500 on curb remodelling. Doing so can consequently earn you over 240% ROI at the sale.
Obtaining such insights is possible when you hire professional house appraisers to assess the worth of your property. By acting on such insights and making the renovations, you can potentially boost the valuation of your real estate. But before you hire anyone, please know that it’s not all so simple.
Key Elements Attracting High-Value House Appraisals in Colombia
Did you know that it only takes an hour or less to get a home appraisal for standard properties? Of course, the time period can vary based on the real estate size and the appraiser’s skills, but fundamentally it’s a quick process.
However, people generally hold the belief that making significant and costly remodelling is the key to obtaining elevated appraisals. Unfortunately, it’s not how residential real estate or commercial appraisals work.
A professional appraiser can only quote you an unbiased appraisal value besides instructing about elements that raise or lower it.
So, here’s how Medellin house owners are raising the appraised value of their real estate properties in the Colombian and global markets.
Invest in High ROI Projects
A good example of understating what delivers high ROI is considering the sale of a furnished property in a geographically humid climate. Installing a couple of Air Conditioning units and ventilation systems can elevate the rate of your property without needing extensive repairs or remodelling. In contrast, skipping such investments may also cause you to lose the buyer.
Having the documents handy that list the upgrades or changes you’ve made to the house in the past decade(s) can assist the appraiser. By identifying the modifications, their state and the service provided, the appraiser can quantify a better value than a ballpark estimate having several thousand differences. For example, having proof of a home remodelled by a luxury brand will indeed skyrocket its valuation.
Regular and good property maintenance is one of the most common enhancements you can perform to raise its worth in the market. Likewise, it can entail making certain small repairs and fixes apart from ensuring cleanliness. These fixes are important when you consider that a loose hinge door may confirm to the appraiser that the utilisation of cheaper construction materials or elements is at play.
Hence, any minor fixes you might overlook can also portray your premises in a negative light. So everything from unmowed lawn to pest activity affirms to the appraiser that your property is not equipped with solutions that prevent such hassles.
Consulting a Local Real Estate Expert
Often or seldom, a professional appraiser may not be able to deliver justification when quoting a price fully. Such instances are commonly evident in cross-border real estate transactions where the appraiser may not be familiar with local market conditions. During these scenarios, connecting with a local real estate professional can advise you and the appraiser regarding market conditions.
The representative of AMC or Appraisal Management Companies signed with them can further assist you in learning the actual worthiness of the real estate.
Build Your Fortune
It should be obvious by now that attaining high-value appraisals does not always necessitate making huge repairs on property foundations. In such cases, it sometimes means an expensive repair on the foundation equates to losing the original foundation’s stability. Hence, it’s always advisable to hire a professional appraiser when looking for homes for sale in Medellin, Colombia or anywhere else in the world.
Additionally, you can reach out to your trusted real estate advisor in Medellin to arrange a meeting with a reputable and unbiased appraiser. Always remember, paying a fair price is always an investment rather than a cheaper one, wherein the latter could also be a much lower-priced property.