ODIGO BLOG
[ November 14, 2014 ] by Peter Kim
How does a Home Valuation Work?
Kirkland Sellers, Sellers,

Are you planning on selling your Kirkland home for a good price? Maybe you haven’t bought a property yet but need to valuate available ones to flip later. Whichever the case may be, you need to have your home appraised. Every good investor knows that. Here is what you can do to ensure that you get the best price for it –

How does a Home Valuation Work

First Thing’s First

It doesn’t matter if you plan on flipping one of your Kirkland waterfront homes or a residential property in the city; a property won’t appraise well if it is run down and needs more than a few fixer uppers. Look for a property that doesn’t have such issues. Of course, you can’t afford to be picky all the time especially if you happen upon one that is located in a high class neighborhood and can flip well. Buy it if all you have to worry about is a leaky roof. The repairs are well worth the investment.

Determine the After Repaired Value

A property’s After Repaired Value, or ARV, is what it will be worth after it goes through upgrades or repairs. In other words, this will help you determine the price that buyers should pay for it. If you are evaluating a home that you want to buy, check its ARV value. Keep looking if the proposed price is too much for you to pay.

Look at Comparables

These will be properties that are priced similarly but did not sell well and are now off the market. The reason might be because they are too overpriced. If they are overpriced, your own property might be as well. Check out the prices of other similar available real estate in the neighborhood and compare prices. Chances are that they might be priced lower than what you are offering. After you lower the price, check out the current supply and demand for your property. This will help you determine how long properties such as yours often stay on the market before they are sold. If they take too long or come off the market often, it might be time to either lower your price further or wait for a seller’s market.

Remember, it pays to do your research when it comes to evaluating a property. It doesn’t matter whether you plan to buy it, live or flip it down the road. The proper research can help you get a good price for your home and more ROI.

So there you have it. It is always better to be safe rather than sorry when it comes to valuating your Kirkland Home. Keep current listings in mind when you compare prices. An ARV will help you piece the priorities that will help you decide your expected profit margin. Make sure that you also see to any repairs that might put a damper on the sales prices. These tips should help you even if you plan on valuating a home for purchase.

 

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Kirkland waterfront areas are always teeming with happy families and this year is no different. Situated in the middle of Lake Washington, there are always kids splashing in the waters or a sailboat docked in the Marina. Needless to say, waterfront properties in Kirkland are still in demand and are expected to remain so.

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If you have ever set your eyes on Kirkland waterfront homes, you know that they make great investment properties. Properties in areas such as Lake Washington are an investor or buyer’s dream. However, there is more to Kirkland real estate than meets the eye. Here is what you should know if you are thinking of investing in Kirkland waterfront homes

Can it Weather the Storms?

Sure waterfront properties do look gorgeous. Who wouldn’t like to live in one or rent one as a vacation home? But what if the weather turns for the worst? It is possible for such properties to flood during high tide or when there is a flood. Real estate that is located near water sources like lakes have high winds.

Of course, this doesn’t mean that you shouldn’t invest in such properties at all. Invest in a good roof. Also make sure that you have the chosen property inspected before you put it up for sale.

Considering Safety

By now, you might have realized that Kirkland homes that are near a water body also come with safety hazards. This might be an issue for families who have kids or pets. You cannot gate off a large water source like you can a swimming pool, so it’s best that you fence the yard instead. If your chosen property is near a lake, you need to determine whether the water level in the area remains consistent throughout the year. If it doesn’t, it’s best that you take appropriate safety measures or look for other Kirkland waterfront homes.

Put up a sign that cautions owners about the possible dangers to prevent any liability.

Maintenance

If you are investing in such properties for the first time, you need to know that they cost more to maintain as compared to regular properties that you are used to. For example, the roof of a waterfront property might need to be replaced every 10 years instead of the 20 years it takes the roof of a typical home to wear down.

Insurance

Look into the insurance before you invest. Some states require additional insurance policies for waterfront homes and not all through the same insurer.

Additions

If you plan on making additions to the property such as a boat deck, make sure whether it can accommodate them. Start on the additions early. Find out what type of activities are allowed on the water. You do not want to advertise a waterfront property with a jet ski on your ads if the area does not allow anything of the sort.

The Neighbors

If there are other waterfront properties nearby talk to the neighbors and ask if they like living there. Take note if they say that they have any problems living in a waterfront property.

Waterfront properties have value in the Kirkland real estate market. However, make sure that you keep the aforementioned factors in mind before you invest in Kirkland waterfront homes.

If you have interest in Kirkland waterfront properties

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