What You Need to Know About Property Valuation

Are you a property seller or buyer? How do you define the value of a property? Cost is one of the major factors when buying or selling a property. Although the cost is in the owner’s hands, there are factors that may define the market value of any particular property. Whether buying or selling, it is important to note that there are factors that regulate prices in the real estate industry. It is, therefore, advisable to know these factors when searching for property for sale or let.

Location

Where is the property located? This is the first question any investor will consider before buying or selling a property. Its proximity to shopping centres, medical facilities, education centres, and religious centres define its value. The availability of a favourable road network also boosts the value of a property. Properties close to towns and shopping centres have a higher demand, hence the high prices.

Features and condition

This the other factor property buyers consider when searching for property for sale in Billericay. What does the house, flat or apartment for sale consist of? Does it have modern features? A house/flat for sale, for instance, should have spacious bedrooms, dining room, toilet and bathroom, balcony, and parking among other features.

The property condition is another key factor. Is it a newly-built or old property? Is the property executively finished? Boost the value of an old house for sale by renovating or remodelling the entire house. You can also hire a professional to repair any damaged or broken appliances. A property in good condition has a higher value compared to an unmaintained property.

Current market price

This is where you need the assistance of a property valuer. Pitching your property price too high is a risk as it will unfavourably compare with other similar properties in the area. Too high a price is likely to scare potential buyers, hence, losing them to other properties available for sale. Similarly, selling or letting at too low a price than the market value may also scare away potential clients as they will question the condition of your property. Before you quote a price, make sure that you have done research on the market value or consult a professional agent.

Property demand

The real estate industry has its peak and off-peak seasons. Property prices usually shoot up during the peak season. If you are selling a property in Chelmsford, Essex, spring is the best season to sell your property as people are searching for their kid’s new schools by September. Autumn is the other favourable season as there is a lot of moving and relocating before Christmas.

Let your property sell fast by understanding the real estate market. These are great tips you need to know before you start advertising your property in local property listings and online classifieds.

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