Placing your home on the market at an appropriate price is crucial to finding a suitable buyer. The value of your home is based on many factors, which influence the going rate in the current market. Determining the market value has many approaches. Let us look at some common and simple methods.
Guidelines values issued by Government:
The Government issues various guidelines for the property value, which is specific to a particular locality. You can easily come across these guidelines on the State Government website for Registration of properties. You will find that the values are categorised according to street names and also survey number wise. It is easy to calculate the value of your property in accordance with these specified rates.
Compare with similar properties:
Your property will share similarities in terms of location, size and other specifications with other properties. The market value of your property is closely related to that of other such properties. You can go about by choosing the criteria for comparison such as the number of bathrooms, square footage, lift facilities etc.
Value for facilities/ amenities present:
The value of your house is more than the sum of its parts. The asking price will be favourable if your property has amenities that are part of a homebuyer’s expectations. If your property has a gym, modular kitchen, air conditioners, water backup and other such facilities, it will surely fetch you a high asking price. So, ascertain your property’s market value through these amenities.
Housing real estate related portal:
You can avail the help of any portal that deals with real estate transactions for further help. Real estate portals will offer you values that are precise because the data through which your property’s value is provided, are from multiple sources. They follow a standard process of valuation as prescribed by concerned authorities and give you a detailed picture.
Scouting advertisements is another useful method, as it will give you a good idea about the rate at which properties are going for in the market. You can look at some of the properties that are listed on the advertisements and gauge the prices. You can keep track of the properties that are being advertised and look at the time in which they are being sold. The ‘sold properties’ section is another useful way for you.
Reputed real estate firms:
There are many firms today whose services you can avail for an accurate determination of the property value. Real estate experts help appraise the value of your home after taking into account many factors such as location, the condition of your place, size, the number of rooms. This will give you a fair picture of what you can expect for your property in the market. This is a reliable method as the firms offering the service have experience in the field.
Long-term residents in the neighbourhood:
Your property value is hugely based on the location of your property. Investments in real estate are for reasons of promise. Your neighbours will tell you all about the value. They would definitely be keeping tabs on the property value market regardless of whether they want to sell or otherwise. You can have detailed discussions with as many neighbours as possible to gain from their experience.
These methods are effective in helping you calculate the market value of your property through reliable sources. You can ascertain the value after taking a look at these factors that have a huge impact on the value of your property. Make sure you consult with registered agents and do ask for second opinions to be as accurate as possible.
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