Five Steps to Estimate Your Property’s Value

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If you want to sell your property, it is essential to know it’s worth beforehand. It does not matter whether you are selling because of retirement or lifestyle changes, the death of a loved one, family reasons or even that you want to move further into town. 

Whatever the reason for selling up, getting an accurate valuation of your property is essential in determining a fair selling price. An expert in urban development can help you with the same. Here is how to estimate its value:

1) Determine what type of property you have

Is it a single dwelling, apartment or commercial building? The features and amenities your property has will significantly affect its value. If the property is flat, it’s essential to determine from council details such as the number of bedrooms and whether they are all self-contained. Other important information is the number of bathrooms, car spaces and storage.

2) Research recently sold properties

It is essential to know how much comparable properties in the area have been selling for. It provides the proper indication of what your property might be worth in today’s market and gives you an insight into whether the asking price is reasonable. To do this, look in newspapers and real estate websites to find recently sold properties for sale in your area. 

3) Consider other factors that affect the value

There are other aspects or features that could increase or decrease the value of your property, such as:

  • Zoning and site coverage.
  • The condition of the property.
  • Work to be done before selling it.

4) Ask an Expert for Help

You can get a valuation on your property from a real estate agent or even a professional valuer. This will ensure you get a good idea of the value of your property, considering any factors that could affect its price.

An expert will be familiar with similar properties in the area and give you a realistic idea of its price. Remember that what they tell you is only their opinion, so rely on accurate comparative analysis. You can compare it with other valuations or go for a different valuer if you feel it is more appropriate.

5) Keep an eye on market movements

Keep tabs on how the property market is generally doing to know what is going on around you and what may be influencing changes in values. There are multiple property valuation applications available online, and they provide a good indication of what the market is doing. Try to use more than one application and compare the results.

6)  Avoid market extremes

Because of interest rates and taxation mechanics, the property market usually sees an upswing in price growth during low-interest rates and economic expansion – and vice versa. The trend has been repeating and which is why it is recommended that you only sell your property at or near the top of a current market expansion. 

Talk to someone well-versed in Australia’s real estate sector and urban development to know more about the trends. 

Conclusion

You now know what type of property you have, and it’s worth it. The above pointers should give you a good idea of the price to ask for when selling your property and thus complete the sale as soon as possible.