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VELfixi Buyer's Guide



Overview



Purchasing a home is a significant investment, and understanding how to evaluate a property's value is essential. Buyers often have a realtor representing their interests, but even if you're going it alone, knowing how professionals determine a fair market price can help you make an informed decision.



“Location, Location, and Location” - You can fix almost anything in a home outside that’s broken, but not its location.


How to Evaluate a Home's Price



A Comprehensive Market Analysis (CMA) is a valuable tool for assessing a home's value. It involves comparing the home with similar properties to determine a fair price. Look at properties that are:



  • Currently Listed For Sale
  • Recently Sold Homes
  • Sales Pending (Homes Under Agreement)
  • Unsold (Properties that were on the market but did not sell)


Key variables to consider include:



  • Bedrooms
  • Bathrooms
  • Square Footage (Above Ground and Total)
  • Acreage
  • Type of Home (Townhome, Detached, Twin, Condo, etc.)
  • Condition
  • Area


Hiring an appraiser can provide an unbiased valuation of the home, giving you confidence that you're making a fair offer. Usually this is done once you are under contract to purchase a home, but some sellers attach an appraisal report ahead of their sale. This can be particularly reassuring if you’re concerned about the accuracy of online estimates. Note that the national median error rate for Zillow Zestimates is approximately 8%, and estimates can vary widely. These estimates often don't account for the unique aspects of a home as they haven't physically inspected it.



The Role of a Buyer's Agent and Mortgage Lender



A buyer's agent can be an invaluable resource in assessing whether a property makes sense for you. They have expertise in evaluating homes, understanding market trends, and negotiating deals to ensure you get the best value. Furthermore, the better an agent knows your needs, the more options they may be able to present you with that you may not have thought of.



Hiring a mortgage lender early in the process can help you determine your budget. They can provide pre-approval, which not only gives you a clear idea of how much you can afford but also makes you a more attractive buyer to sellers.



How to Identify a Well-Maintained Home



The condition of a home plays a crucial role in its value. Look for homes where the owner has invested in key upgrades and maintenance, such as:



  • Clean Exterior: The home should be free of mildew and the exterior should be well-maintained. While all of these things can be fixed, they could be expensive.
  • Yard Maintenance: The lawn should be mowed, and gutters should be clear of debris.
  • Fresh Paint Fresh white or off-white paint can indicate that the home is well cared for. Watch out for spots on the ceiling in case there are hidden leaks that were not disclosed.
  • Clean Carpets and Windows: These should be spotless, showing that the seller takes pride in the home.
  • Good Lighting: Homes with "daylight" light bulbs often feel more inviting and can increase perceived value.
  • New Floors: Updated flooring can add significant value to a home.


How VELfixi Can Help You as a Buyer



VELfixi provides tools and resources to help you evaluate and purchase a home confidently:



  • Transparent Listings: Unlike some platforms, VELfixi ensures that you get access to Off Market properties that previously only the savvy realtors could get you access to
  • Document Access: VELfixi allows sellers to upload appraisals, seller’s disclosures, and inspection reports, giving you confidence that the home is priced fairly and in good condition.


By using VELfixi, you can leverage these professional tools and services to make an informed and confident decision when buying your home.



Final Tips



When evaluating a potential home, ensure it meets your needs and is in good condition. Use the resources provided by VELfixi to gain a comprehensive understanding of the property. Look at multiple homes to compare prices and features, and don't hesitate to ask for detailed information about the home's history and condition.



Disclaimer: The value you receive from these strategies is based on professional experience and may vary. For more information on purchasing a home, refer to trusted real estate resources. Results cannot be guaranteed. For more details or assistance with buying a home, explore VELfixi’s offerings to enhance your buying experience.