Learn how to calculate price of apartments
In this article, Aqarmap offers you ways to calculate the price of apartments.
How is the price per square meter is determined for apartments? In fact, this question occupies the mind of both the buyer and the seller, and many people are confused about it. How do I succeed in determining the suitable price for the apartment so that it can be sold successfully, and how to avoid deception and escalation?
Is it necessary to resort to an expert for such a step, or should I be the one who is working in real estate market so my evaluation is going to work. Our concerns to seek a broker or an agent continue to haunt us.
Several marketing websites have emerged, which help you as a guide to determine the price of your property by region and a set of other criteria related to the market, where you can use property valuation tool on Aqarmap to get an approximate value for your property.
But to make sure we will review a set of important notes that you should keep in mind when determining the price of the apartment, even if the region and the building itself are the same.
Ways to sell or buy an apartment
The first way: By Expert or Broker
It is the most comfortable, secure, and easy; to seek the assistance of an expert or broker working in the real estate market to help you determine the price of a meter or an apartment as a whole.
The second way: By yourself
It is your assessment by yourself for the meter price or the whole apartment by searching and asking in the surroundings and determining the unit’s features and both advantages and disadvantages and then their effect on its price.
Things to consider when determining the price of an apartment or meter by yourself
Compare first
Evaluating meter price by comparing it with other similar properties that may have been sold recently in the same area to know the average prices, and according to the advantages and differences that may be provided to the buyer, you determine the right price for you.
Apartment overview
Is it overlooking a main street, a public park, inside a compound, or a side or back street, or is it the northern or southern view. Etc?
Interior design of the apartment
Apartment design, number of rooms, its entrances and exits, ventilation, salon view, number of bathrooms, kitchen ventilation and its design.
Region prices
Each neighborhood has an average price. You can search for it on trusted websites such as Aqarmap price guide. For example, the average price per square meter in New Cairo is EGP 8,800 for apartments, and EGP 17,100 for villas, while the average price per meter in the 6th of October is EGP 4,850 for apartments and EGP 11,850 for villas, and so on.
Height and privacy of the floor
If the apartment is on the ground floor, its price may differ from the upper floors depending on the region and its privacy, or vice versa, the last floor and the roof, all of these criteria should be taken into consideration.
Stairs and elevator
Does the building has an elevator or comfortable stairs? Would they install elevator later? All these questions contribute to determining the price per square meter.
Apartment finishing level
The stage of finishing the apartment; whether it is fully finished, semi finished, core and shell, or finished, what is the level of finishing itself, is it luxurious, medium, or other? Each choice has a different price and cost.
License and types of contracts
Sometimes the type of the apartment contract and its license contribute in determining the price per meter. Whether the license is administrative or residential, or the contract is a primary or final contract.
Method of sale
The method and way of payment affects the property price valuation, most of us know this, because cash payment is different from payment in installments.
Year of construction
The price per meter is determined according to the building age whether it is an old or a modern building.
The timing of the sale
The timing of the sale greatly affects the price of the meter. The real estate market, like other markets, is subject to the laws of supply and demand, seasons of sale and recession, so you have to study the matter carefully before starting to determine the price of the apartment.