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Property valuation: 5 tips to help you – Socioherald
September 28, 2021

Socioherald

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Property valuation: 5 tips to help you

valuation

Valuing a property is quite complex and depends on a number of factors that need to be taken into account. With the appreciation of real estate in recent years, this task has become even more difficult and detailed.

However, with intelligence and knowledge, it is possible to arrive at the correct values. In this article, we will list and explain some indispensable tips for those who want to get it right when evaluating real estate. Check out what they are!

1. Analyze the state of conservation and hidden vices

The first thing to do is check the condition of the property and the possibility of hidden flaws in the property. If the house or apartment is used, the buyer must check in detail all points of the structure, visiting it day and night.

Cracks, leaks or apparent molds are a bad sign, which will certainly bring the price down. The same goes for termite infestation, or even clogged sinks and drains. It is worth having attentive eyes, because problems such as infiltrations can arise only after a rain, for example.

2. Note the location of the property

Location is one of the most important factors when evaluating real estate. It is necessary to take into account not only the city, but also the neighborhood, the street and even the position of the house in relation to the others. If the place is good, the investment is more likely to be worth it. If it is a place with traffic jams, high crime rates or problems with floods, the price will certainly tend to plummet.

3. Evaluate condominium properties differently

If the house or apartment is in a condominium, it must certainly enter into the account at the time of the property valuation. The fees need to be considered, after all they are a constant amount that will come out of the resident’s pocket. However, facilities can also raise the price: swimming pools, a gym, game rooms, can be very attractive and help in the event of an eventual sale.

4. Build on similar properties

This is a very logical reality in the real estate market: the value of a property cannot be much different from those with a similar situation and similar architectural pattern. The houses and apartments that are for sale on the same street or in nearby addresses are bound to give you north for you to reach a fair value. Checking between eight and ten ads is enough to set up an estimate.

5. Consult a broker

No one better to define the value of a property than a professional in the field. He is certainly aware of all the details and can offer a really correct price. As there are many things that need to be observed, an ordinary person can certainly get lost when it comes to pricing. This is not to say that emotional or personal factors can make the value far from reality.

If you are having difficulties in making your assessment, having this kind of help can be crucial for you to reach your goal.

These are the best tips for you to get it right when evaluating a property. These are simple attitudes, but they will make all the difference when it comes to reaching a fair and accurate value. Did you have any questions? Do you have any suggestions? Like our Facebook page and follow us there!