We are blessed to be in a suburbia of the DC metro in Northern Virginia area. Most of the homes do fall into a large subdivision or a neighborhood. However there are times when in a small community or a neighborhood nothing similar has been sold or the updates or additions done to the property are unique to the community. It could be the home has been stuck in its time and nothing has been updated. Whatever is the case you will need to be very finely educated when pricing the home for sale.
If you are a home seller in Northern Virginia have a unique home how do you adjust the value and come up with a list price while working with a local Realtor.
Here are few tips you can use to help you come up with the estimate value of your property:
1. Appraiser - hiring a professional appraisal may help you with a detailed report of your home and adjustments done compared to homes similar to your home within neighborhood or few miles.
2. Tax Assessment- Along with your help of appraiser/local Realtor you use the tax assessment to create valuation of your home. Many times we have used ratios and come up with the list price of the home.
3. Separating land/improvement- This may require a very skilled assessor but you can breakdown the valuation of the cost of land and the upgrades/updates/additional/unique features you have. This will have you to combine what it would have cost to build that unique home on that particular land.
4. Analyzing the cost of your improvement- As we all know in real estate we don't recoup all the value of the improvement. However you can adjust the cost base and come up with the value for that improvement or needed improvement of your home. This method can be combine along with above mentioned separating land and improvement cost also.
Bottom Line - You can come up with the value of the unique home but the market/buyers will dictate the ultimate value of your home. Do keep in mind unique homes do need target marketing!
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