Bootstrapping your startup often means you scrape together your cash, and often tapping your home equity value. For any Residential real estate appraisal, any given house is not as simple as might seem to be at a glance, particularly in diverse markets such as New York City. A similar looking home or an apartment in the next block with the same floor area may have a different value. It’s the location, height, view, lights and various other factors that go in to determine the home equity value of any private place.
Here are factors that influence appraisal values, and may help guide you in getting the most funding for your startup.
Height of the floors
Apartments on higher levels have a higher worth than those on the lower ones. Especially, if the height of the apartment clears the surrounding buildings and gives you a clear view, also assures one of more privacy. As in most of the apartments on lower floors have chances of someone keeping an eye on you from buildings situated across. It also ensures better natural sight and natural lights.
Floor area
The floor area of the residential apartment is one of the primary area of concern and the number of bedrooms and bathrooms it has. The comfort and layout design of the apartment also makes up for the cost of it, as a significant determining factor. Accessibility to bathrooms from bedrooms and living rooms are some of the prime factors. The spacious and comfortable living rooms and kitchen also an essential issue for appraisal of any residential apartment. For startups, room for your home office work is critical.
Neighborhood
A lot depends on the region where the apartment is located. The type of locality and people living in the community is also counted for appraising its value. The area in the vicinity and access to the markets and availability of commuting facilities. Say, if a metro station nearby would fetch a higher value than those at a much farther distance. As such, the availability of nearby parking facility is also a desirable element.
View
As said earlier, the view it offers from the apartment also adds significant value to that home. The higher the floor, it’s evident that the better is going to be the sight. More so, if it gives a clear view and looks above the surrounding buildings, then it has more privacy, as it eliminates any possibility of anyone peeping in from buildings situated across the roads and lanes. Also, it gives more natural views at height than those at lower floors.
Natural Lights
Again, if the apartment is on a higher floor, the chances of getting natural sunlight into the rooms are much brighter. Apart from artificial lights, sometimes natural lights are welcome when weather conditions are adverse. Sunlight sneaking through the windows makes a lot of sense at times. It gives a pleasant from spending most of the time under artificial lights and environment at workplace and home.
Besides the above significant points, finishing and woodwork in the house is also a point taken into consideration for home equity appraisal of a residential property. The considerable renovations carried out till now from the date of purchase and layout of the plan of the apartment. It is always better to have a one page ready reference for all these above points handy for negotiations for the benefit of New York City property appraiser, before refinancing or purchasing any property.
