HOW TO DETERMINE REAL VALUE OF HOME IN EL PASO, TEXAS

Sales Comparison

This is one of the most widely used methods for determining property value in El Paso. This approach determines the value of a property by comparing it to similar properties that have recently sold in the same sub-market. You can do this by making a list of your property’s features and benefits. These factors include the property’s total size, location, age, number of bedrooms, and overall condition. Determine the selling prices of at least three similar assets to get an idea of how much your own property might value. When you are comparing properties the houses should at least share 70% of the features mentioned. One of the best things to do is make a list of all other attributes that come to mind and compare the property value in that behalf. These comparable homes should have sold no more than six months ago. Make sure you’re comparing properties in the same neighbourhood, as location is the most important factor in determining property prices. You may also conduct your research using online property portals. Perform a simple calculation to arrive at a property benchmark price. If you’ve found three properties, you can either take the average of these figures or find the price per square foot and multiply it by the total area of your property to get a benchmark price. Adjust the price to reflect the condition of the property or the view for which the other properties may have received additional compensation.

Compare Cost Of construction For a Similar Property

This method is used when you can’t find a property that has the same features, or location as your house. The cost comparison approach assumes that a fair buyer would not not want to buy an existing already made house at a plot if it costs the same as building a new one in its place. Since a new house will have a bigger lifespan, custom design, stronger foundation, and other things. If you price your house higher than the cost of buying a comparable lot and building a comparable structure, it is likely you won’t get buyers. This approach requires you to estimate how much it will cost to reconstruct your house from scratch in today’s market. The point of comparison could either be an exact copy of the existing structure or with similar features using modern technology and construction materials. Determine the property’s depreciation, which is the decrease in the property’s value over time as a result of wear and tear. After depreciation, you can arrive at a reasonable price.