In this article, we will address the process of determining the price of the property and its valuation. This process is one of the most important steps you should consider well before buying and selling any real estate property. Also, you may find it difficult to valuate the property, but Aqarmap will offer you several steps through which you can valuate the price of the property that you want to buy or sell.
What factors would help you to determine the value of the property?
Before trying to determine the price of the property, there is an important step you should consider. This step is to follow-up the buying and selling markets constantly. That’s because there are seasons for the real estate market in which the buying and selling process increases. Following up such seasons would help you as a seller to find a buyer at the price you want. It also helps you as a buyer on searching for the seasons in which the buying and selling indicators are low, in order to find the lowest price that suits your budget. Now, we should go back to the factors determining the value of the property, which are:
Location
The property’s address, district, street, and surrounding streets are main factors in determining the standard of living in the region. They also contribute greatly in determining its price. For example, the price per square meter in the Fifth Settlement differs from the price per square meter in Ain Shams. If you are living in a compound, then the level of services surrounding the property will be taken into consideration when determining the price of the property.
View
Second factor affecting the determining of property’s value is the view of your property. For example, if it is in a compound and overlooks gardens or swimming pools; if it overlooks the sea in coastal provinces or the Nile in neighborhoods, such as: Maadi, downtown, and Mohandessin. Also, whether if it overlooks a main or side street. All of which will undoubtedly affect the value of the property.
Services
You should realize that the availability of services around your property can significantly increase its value. These services include: schools, stores, metro, main roads, places of worship, hospitals, pharmacies, or entertainment services, such as: clubs, mall, cinema, restaurants, and Cafes.
Property’s utilities and specifications
The property’s specification and utilities are the main core in reducing or raising the value of the property, such as its area, number of rooms, and the floor on which it is located. This process should also answer the following questions: Does the building contain an electric elevator? Does it have security and guards? Does it have a northern or southern view? In addition to the property’s general condition, such as: does it contain cracks? Is it old and worn out? as well as the safety of the property’s utilities, including electricity and water meters, as well as the availability of natural gas, and the level of finishes and paints of the property.
Legal documents
If the property’s contract is registered, this increases its material value. If not, then make sure to review the authenticity of the legal documents of the property, as well as its licenses, in order not to find any obstacles when valuing it. As a buyer, make sure that the property’s ownership can be transferred easily, and that the property is free of any legal or inheritance problems. In the event that there are more than one owner, then you should have a power of attorney to sell from each owner.
Compare the property to its surroundings properties:
One of the common methods for determining the price of a property is to compare it with the surrounding properties. You can ask about the average price in the area. Or, you can ask about properties that have been sold in the same area and have the same advantages of your property. Also, it is preferable to carry out the sale process in a short period, because the prices are constantly changing.
Using real estate broker
You can assign the valuation process to a real estate broker, because he has a practical experience in this field. He/She will valuate your property in a correct way through balancing the merits and demerits of the property.
You can also valuate your property through Aqarmap‘s real estate valuation service. You will only need to specify the area, space, view, and finishes, then an approximate price of your property will be given to you based on thousands of properties offered for sale on Aqarmap.