Follow Us on Twitter

How to Correctly assess the value of your house?

There are different ways to access the value of your home, shop and any personal property. I have noticed that while buying and selling the property, people take very hasty decision and do not take care about hard-earned money. Even though following a simple assessing strategy, they can get true value of the property. If you or anybody else in your family or friends is planning to sell the property, following information can help you get a little more than you are being offered.

Importance of Location in Assessing Property

One of the most important points while assessing the property is keeping in mind the location, which plays a vital role in bringing good buyers and money. If your locality is in such a place, where there is a market and dense population, it means it could be used for commercial purposes, if recognized by the local government body. While assessing such property, consider market value not circular rates in your locality. The best way to do so is compare the area, street, population around property, shops, parking lot and the facilities available in your property. Consider all the benefits associated with your property and then evaluate the rates.

Contacting Property Dealers or Realtors

I recently suggested this technique to one of my relatives, who is going to sell his three storied building, which is located in a market. I made a list of all the property dealers around his area and another list of the dealers which deal in other localities. Then we sketched the property in a beautiful way so that dealers can have better understating and the benefits of the property.

There were more than 35 dealers or realtors in both the lists. We distributed detailed Xeroxed sketched paper to each one of them. It was a new experience of advertising someone’s property that is why they showed extra interest and next day called to fix a meeting. This strategy was working wonders because he did not receive so much reply before when he used conventional way of going and telling that “I want to sell my property, if you have any buyer you can contact me”.

It was creative because at the first glance dealer can see his benefits at his office and he was excited to come to the sight to see if he should try buyers for that property. Different buyers offered different rates, which we noted down in an index form. Then we calculated who is offering us less, we started from there just to know how much he can increase.

Going one by one, we reached the last one who was offering highest. We inquired how much more he can increase and referred him the rates which were being offered by the person before him. There was 4% difference between the payments and we asked him to increase 10% which he rejected and got ready to make it 8%. Even though we spent some extra time, but it paid us much more and the deal was struck within one week, which was pending for months.

Also remember that the value of a property does not increase unless it is sold once. If a property does not sell, it rates will remain the same, even though the property which has less area, situated in a bad location without any facilities might be expensive. This is just because, it was sold and bought frequently.

Related

Tags: , , , , , , , ,

Comments are closed.