Property Valuation: Comparing your Property with Competition
- August 31, 2016
- By Admin: Frovenses
One of the major factors that guide the valuation of your property is drawing comparisons between your property and recently sold property as well as property that is currently on sale that is similar to yours. While this may seem to be an easy task, it is a huge undertaking as you will need to take into account multiple factors that include the following:
- It has an off street parking or garage – Property that has these additional features often fetch a tidy sum compared to those that do not have.
- Presence of private outdoor space
- The size of internal square footage
- The inclusion of a conservatory that blends in with the existing building
- The size of the bedrooms (Double bedrooms are favoured more)
- Recent renovations such as newly fitted kitchens or bathrooms
- En-suite bathroom
- The size of the kitchen area – a large kitchen sells better
- Degree to which property is well maintained
- Security features
- Is the property freehold?
- Does the property have a superior outlook?
- Is it detached or semi-detached?
- How fast do you want to sell your house?While this list is not exhaustive, taking these factors into account when conducting property valuation should serve as a guide in arriving at the worth of your property. This is not to say that you must know the value of these extras on your property. Rather, all you need is an objective, critical and realistic approach when determining whey your property might have a higher price tag than your competition.Keep in mind that property valuation is more of estimations. Thus, by looking at the right information sources you will have a robust opinion on the value of your property leaving no room for cunning estate agents to take advantage of you.