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Features of determining the value of residential property

Residential and non-residential real estate on Obolon in Kyiv

Perhaps the most sought after service of any appraisal company is the valuation of residential real estate. This property includes primarily apartments in apartment buildings in Kyiv. The second most common are residential houses and cottages with land on which they are located.

From the point of view of appraiser to residential property can be conditionally attributed and garages. The fact is that the approaches to determining the cost of apartments and garages are very similar. And in general, many use such facilities as storage rooms (or small warehouses), so they with some tension can be considered an extension of the apartment. If you look at the question from the other side, some such structures are actually «residential houses». After all, in many cooperatives you can see rows of buildings, which on the ground floors technical rooms, and the second floors residential.

We have already written so many thematic articles about evaluation of real estate, that would be enough for a few essays, and maybe even for term papers for students. We can probably even take orders for writing theses.

In this article we briefly recall how the evaluation of real estate is making of various types.

For what is that all needed?

The necessity of evaluating residential real estate most often occurs in two cases:

  • Evaluation for notary. Documents are prepared for registration of the contract of sale or gift.
  • Preparation documents for court.. At the same time, our services are needed at different stages of the process. As in the initial stage to pay a court fee when filing a claim. And during the consideration of a case on its merits, for example, in the divorce of spouses or other property disputes.

Evaluation of apartments and garages

The simplest objects from the point of view of the valuation are apartments and garages. To determine their value, just pick up on specialized sites ads for the sale of real estate, as much as possible similar to yours. We recommend you to read in detail in our article about how the apartment is evaluating.

Residential garage

Garages in turn have their own features that need to be considered by the appraiser. First of all, as in the case of any real estate, its location. More about the factors that affect the cost of such facilities can be read here.

Land and house valuation

The feature of evaluation of residential houses is that such objects are conditionally divided into two separate parts. The structure itself and the land plot, on which it is located.

Based on this feature, the determination of the value of households takes place usually in two stages:

  • Study advertisements for similar households. Here it is necessary to note that the ads will appear houses of different area on the ground also of different sizes. The task is to somehow take into account these differences in area and infer the cost of a square meter for our facility.
  • Compilation of information on the sale of vacant land in the same area. Understanding the average value of the land will allow us to isolate the net value of the houses (excluding land) from the value of the houses we wrote about last step.
  • Thus we receive the average cost of one square meter, which can be «transferred» to our plot and building. Multiplying these single values by the area of the property, we will get both the value of the house and the value of the land.

It should be noted that with households there are different situations that require appropriate approaches. We recommend to go to the article: Is it necessary to evaluate the land when evaluating a house?