If you are thinking of selling your house, calculate value can be one of the most important parts. For many owners it is an emotional process, especially if they have spent many years in the dwelling. Accumulating memories and experiences. However, it is important to separating the sentimental value from the real value of the property when making an assessment.
Overestimating house prices can make the selling process much longer than if we set a realistic price. Here's how to answer the question "How much is my house worth?
Factors that determine the value of a home
What do we need to consider in order to know how much a house is worth? There are multiple factors that influence the market price of a property, some of the most relevant are:
Where is my home?
Location is one of the determinants of the value of a house. A flat/house in the city can never be the same as a flat/house in a village, urban areas close to the city centre, good residential neighbourhoods, services such as schools, public utilities and leisure areas add great value to the property.
Safety in the barium is paramount. If your home is your a "bad neighbourhood" even if it is in an urban area, the price will be lower. Similarly, if you are going to buy a house in the city that is much cheaper than in the rest of the city, be wary that it is located in a bad area.
Size and distribution
The size of the dwelling means having more or less possibilities to create a home. The square metres are very valuable, not so much the rooms. The family model has changed nowadays and the family is large families are less common. A buyer will be looking for an exterior layout, large terraces, balcony, nice views, garden or even private pool.
Since the pandemic, trends in housing consumption have significantly changed a house with a lot of rooms and a poor distribution is much more economical than one with large outdoor spaces. Sun and space are undoubtedly a great added value nowadays.
Year of construction
The area and the state of conservation is important but also, without a doubt, the year of construction. One of the most common mistakes when valuing our home is to look at the price of the surrounding area. My house may be, for example, in the centre of a city, but it is in the centre of the city. I will never be able to ask the same price for it as a newly built house.
To understand this a little better, let's take an example:
If I have a 120m2 house with 3 bedrooms and a solarium in the centre of the city of new construction worth 350.000€ un flat with the same characteristics, totally refurbished but 60 years old, will have a value of €250,000.
Supply and demand in the area. Economic momentum.
Undoubtedly, the price of a property is always subject to supply and demand. If the property is in a tourist area with the sea nearby where everyone wants to live will be much more valuable than if it is in a small inland village.. It is important to study the market well before setting a price. A high price is just as bad an incentive to sell as a low one. Buyers will not be attracted.
Another important point is the economic momentum, the real estate market fluctuates and it must be clear: ten years ago a property could have an estimated value of half or vice versa, the rental situation also includes directly (if rents are high, housing will be too).
In conclusion, we must have a realistic overall picture before valuing our house and always go to a real estate professional.
How to obtain an objective assessment?
If you want to get a realistic value for your homeIn this case, it is advisable to use objective methods of valuation:
- Hire a professional valuer: An appraiser evaluate your property based on technical criteria and comparative, which will provide you with an accurate and neutral assessment.
- Compare with similar properties: Research sales prices of similar properties in your neighbourhood or locality. This will give you a clear idea of the price range of your property.
- Consult a real estate agent: The real estate agents have an in-depth knowledge of the market and they can guide you to the most competitive price for your property.
