HOW TO EVALUATE THE RIGHT PRICE OF REAL ESTATE PROPERTY
Whether you’re thinking of selling or buying a property, determining its fair value is quite a challenge. You have to calculate it critically and come to the right price which the real estate market will respond to while also ensuring that a loss is not incurred. Buying or selling a house is one of the most important financial decisions you will make in your lifetime. Any mistake can have severe and long-term consequences. Therefore, evaluating the right price of a property is very crucial (either as a buyer or a seller).
Here are some ways to rightly determine your property value:
Comparative Market Analysis
The determination of a property’s value is critical. One way to know the right price of your property is to request a comparative market analysis (CMA) from a local real estate agent. The agent will provide a value estimate, typically for listing purposes. However, you must be cautious because if they find out that you are selling or buying a property, they will try to get involved (for their profit).
Use Property Portals
Many real estate websites in Pakistan also publish information about recently sold homes on their websites. Before making any telephonic calls or visiting any offices, conducting an online search is a good first step. That way, you can get a sense of what information is available without causing too much trouble for yourself. These online portals act as a middleman between buyers and sellers, as well as providing information on property prices.
It takes the right person to put things the right way. No matter how knowledgeable you might be, a realtor will always make a better deal than you (when it comes to determining property value). They have their methods for determining the value of a property, which can be very useful. Realtors typically look for recently sold homes that are similar in the following ways:
- Number of bedrooms/bathrooms
- Style and views
- Property type
- Recent sales price
They will easily tell you how much your home is worth based on this.
Compare property rates
Look out for comparable properties in your neighbourhood or nearby locations which were sold in the last three months.’ Comparable’ here refers to properties that are similar in size, style, age and location. You can get an idea of the price range of a similar home in your area by talking to local dealers or neighbours.
Once you’ve finished comparing at least 3 properties, adjust the final selling price by adding or subtracting from each amount. If your property is comparatively newer, larger and has additional features, you add up the cost to the final sale price. Perhaps, this is the most complicated step as it requires a lot of calculation based on several aspects of the property.
However, a thorough assessment is beneficial to evaluate the right price for your property.
Add the adjusted and final sale prices of all three comparable properties to get their sum. To get an average adjusted final price, divide the total by three. This amount represents the estimated market value of your home.
Cloud Villas by Cloud Services
The above-mentioned methods are time-taking and challenging but they help you to determine the right value and buy, sell or refinance like a pro. However, if you want to save yourself from all this hassle, we have got your back. Cloud Villas by The Cloud Services is the leading property builder in Islamabad, Pakistan. Either you want to buy a residential property or a commercial shop; we always offer and suggest the best property price and location according to your need and help you to make the right decision for you.
Cloud Tower-1 by Cloud Services
Cloud Tower-1 is upcoming project by Cloud Services with modern amenities of a comfortable lifestyle with all the living facilities for long term and permanent residence, which is the best bet for your future investment.
Contact us on our UAN (+92 348 111 5505), more information can be found on our website for Cloud Tower-1 www.cloudtower1.com.pk and for Cloud Villas at www.cloudvillas.com.pk and our agent will walk you through the process smoothly.