Appraising the value of your home is no longer difficult. You can even do it by yourself if you understand the method and steps of valuation. Only if you need a formal appraisal report certified by qualified appraisers then the professional appraiser is needed. Let's do this step by step. Suppose our house is a detached single house or townhouse in the housing project.
Calculate the usable area of the house
Divide the usable space between areas within the house and area outside the house. This is easier if you have your house plan or floor plan as reference. Without this, you will have to manually measure every part of the house. We recommend you to start with measuring room by room, multiplying the width by the length, then add them together for the total usable space.
Explore the market
This means surveying for houses within the same area, that are similar to yours in terms of design, type and feature. A single house must be compared to another single house, same thing for townhouse. These will be used as our comparable data. This information includes property located in the same project or within another project close by. Look out for those properties up for sale. The more comparable data obtained, the more accurate your appraisal value is going to be. Ultimately, you need at least five appropriate comparable datas.
Compare market data
The simple comparison principle is to compare as a pair. By choosing the information that we think is the most reliable, datas are compared in terms of total area, type of use, age of the property etc.
As an alternative, customers can obtain the market comparable datas and Prospec will help you analyze and summarize the appraised value of your home.
Self Housing Valuation