The constantly changing real estate market can sometimes create doubts for those trying to buy or sell a home due to changes in property prices.
A fair valuation price for a property can be analysed based on several factors. Even with this idea in mind and knowing how the state of the market influences the asking price, there are some aspects that you can consider when valuing a property.
Here are some factors to consider when you are trying to value a property.
The calculation of the total area and the living area of a house is very important for valuing a house.
It is necessary to take into account that the type does not correspond to the area, for example, a T2 with bigger area than a T3 can be found.
Analyse the size of the property and keep in mind that a bigger house may in some cases be worth more than one with more rooms.
Despite what we have mentioned, the type of the property will undoubtedly be another factor for analysis. The number of rooms will define the house and, as a rule, the value is directly proportional to the number of rooms available.
3. The year of construction
The year of construction of a particular property can either increase its value or do the opposite. Knowing the year of construction, small factors, such as the materials used in construction, the type of plumbing, the electrical system or which finishes are used must come into analysis.
When analysing the location of a property, several aspects are taken into account. The house can appreciate in value, for example, if it is in the centre of a locality, near public transport or infrastructures (schools, hospitals, supermarkets), if the property is in a rich neighbourhood or if it has views of mountains and / or sea.
We must also consider the noise, the type of neighbours and, in the case of flats, the block.
5. Condition of the house
Regardless of the year of construction, the truth is that not all properties age the same way. So when it comes to valuation, it is important to ask yourself about the actual condition of the home.
An older property may have been well maintained and in good condition or have undergone a complete makeover that has given it a new look and turned it into a really good home. Similarly, a newer home may be in poor condition.
Studying the condition of your home in an unbiased way is necessary in order to determine its true worth.