How do you determine how much a property is worth? This is a question that is often on the mind of property owners and first time investors. The value of a property is directly related to the price. Yet, if a proper property valuation is not done, it is possible to pay much more than the property is worth, or accept less, if you are the seller.
Although location plays a vital role in influencing the possible price of a building, it is not always an accurate judge. Mostly because a lot more goes into play when it comes to the real price of residential and commercial buildings. The real cost includes possible repairs and maintenance as well as the state of the fabric of the building.
It is for this reason that professional property valuation experts are needed. Professional property agents like Elliot Davis Properties usually have experts on their team to handle property valuation.
In order to make sure that you are getting the best possible price for your property, there are a couple of steps you should take. These include conducting research, engaging a good property management firm and getting the valuation on your property done.
One of the best tools you can use for your research is the internet. A hotbed of information and up-to-date prices, the internet will help you find out the estimated price for your property. The key is to find other properties in your location, which are similar to yours and find out how much they were sold. If they are still on the market, look for the selling price.
This should give you a fair idea on how much to ask for your property if you are selling or how much to offer, if you are buying.
Now that you have done your research on the internet and you have a fair idea of how much your house might cost, the next step is to engage the services of a competent estate agent. A good estate agent like Elliot Davis properties will be able to give you an accurate valuation of your property.
This is because they are armed with local knowledge and know the way the market functions. Therefore, they have up to date information about different properties and their prices, as well as possible situations that could arise which might have a negative or positive impact on the value of the house.
Getting your property valuation done by an estate agent serves dual purposes. They have access to current and accurate information about properties in your area, and they will be responsible for getting potential buyers for your property. So, once you have settled on a price for your property, let your agent know.
When it comes to settling an asking price for your property, it is important to be realistic as you may receive a little lower than what you expect. However, we have a team of experts at Elliot Davis Properties who are always eager to assist you in selling or buying your house.
If you are thinking of putting your home on the market or you would like to invest in property, get in touch with us at Elliot Davis Properties for efficient service. Our range of expertise includes professional valuation of your property. Call us 020 8552 0711today for more information.