Estate agents say 'location, location, location!', but there are more things that influence the value of a house.
If you want to buy a house, it is important to know the correct value of your house. A realistic asking price is crucial when buying a house. And while many brokers say it's all about location, location, and location, there are more things that affect the value. Below we will discuss the how, what and why.
The definition of home value is the estimated amount a home can be transferred for between buyer and seller. The different estimates can be tons apart. We tell you here what these figures are based on and what you can do yourself.
Many brokers say that the value of your home depends on location, location, location. Yet there are more aspects that have an effect on the value of your home. The value of a house is determined by its location, maintenance condition, reference properties, energy label, and WOZ value. At Walter Living, we look at various elements that influence the valuation:
In addition to having your house appraised, you can also calculate the value of your house by yourself. There are different calculation methods, such as the comparison method, the historical cost calculation, or the marketability determination, but the most important is to keep the following in mind:
You must be wondering if there are easier ways. Naturally! With Walter in your hands, you get all the above information at a glance. In addition, you also have access to official mortgage and property information and sales prices, and WOZ values of reference properties.
Walter bases the house value on the price per square meter. It is important to see what a home is worth per square meter. If you don't do this, you can only compare homes with exactly the same size. This is not impossible with new houses, but it is with older ones.
Are you planning to buy a house? Then it is important to know whether the asking price is realistic.
The value of your own home is important because of several reasons. You need it when you want to adjust your mortgage, check the WOZ value, or when many houses are being sold in the area. In the latter case, the value of your home is partly determined by comparable homes in the area, also known as reference properties. When a reference property sells for much more or much less, it affects your home. Sometimes a trend is set in motion when a house is sold in the area.
When you plan to buy a house, it is also important to know whether the asking price is realistic. There is a realistic asking price if it does not deviate too much from comparable homes in the area. If the house you have in mind has a different asking price than comparable houses in the area, you can ask yourself whether it is realistic.
Even when you are going to make an offer, you want to know whether you can afford the house. Your mortgage is not only determined by your income but the maximum mortgage is also determined by the value of the house you want to buy.
It is also good to consider the emotional aspect of a home value. Because the home value is not the same as the selling price of a house. It doesn't have to be just about the price for the location, but more about the feeling you get from a house. If you are convinced that this is the house of your dreams, then the value may be a bit higher for you. As a result, you may be tempted to pay more.
A house that looks the same on paper can have many different values in real life.
At Walter, the home value is determined using an Automated Valuation Model (AVM). Such a model bases the value on data about the property to be valued and reference properties.
A house that looks the same on paper can have many different values in real life. For example, the house may have just been renovated or may have been hit hard during the crisis. Standard AVMs put one rating on a property, based on its characteristics. This does not take the condition of the house into account. The AVM Walter uses is the only one that helps people understand how the condition of their home impacts its value.
The distribution of prices of reference properties is analyzed per district. This is how we find out the effect of the state of maintenance. This enables us to give a good picture of the property value in different maintenance states, namely as new, good, average, and fixer-upper.
Also look at comparable homes, locations, and competition in a neighborhood and the state of repair. Walter helps you make the right offer with the Walter Buying Service.
Maybe it’s different from what you expect, but the location is not the only thing that is important for the valuation of a house. It is just as important to look at comparable homes, the location, the market forces in that neighborhood, and the state of repair.
Then you know what your house is worth as a fixer-upper, but also what it can be worth when you renovate it. Walter ensures you can make the right offer.
Want to know what your house is worth? Walter Living is happy to help you. Take a quick look online for a valuation of your house or any other Dutch house. This valuation gives a good picture of the value of your house and what your sales opportunities are. Super useful if you want to sell your house, just want to know what the current market value of your house is, or want to buy a house. Walter is ready for you.
Would you like to start bidding on a house? Buying a house is stressful enough as it is. With Walter's help, you won't be alone and you'll know exactly how much to bid on your dream home. Want to get to know us first? Book a free video call and we'll tell you exactly how we can help you with the bidding process for your new home.
Bij het kopen van een huis gaat het niet alleen om het vinden van de perfecte woning, maar ook om het navigeren door het complexe aankoopproces. Gelukkig is er Walter, jouw betrouwbare digitale aankoopmakelaar die je helpt bij elke stap die je moet nemen.
Vroeger, toen de melkflessen nog van glas waren, ging je met een stapel papier onder de arm naar de hypotheekadviseur. Dit kan nog steeds, maar je kunt soms ook zelf een hypotheek afsluiten. En dat is makkelijker dan je denkt. Mits je goed bent voorbereid.