Certain precautions must be taken when carrying out real estate transactions. To succeed, you need to be well informed and familiar with the various phases of the operation. One of the first steps is to carry out a property valuation. Whether you’re buying or selling, you can determine the actual value of the property and compare it with the advertised or posted price. To find out more about property valuation, see this post.
Why have your property appraised?
A property owner must appraise a property before putting it up for sale in order to determine its true value. The buyer can be found quickly if the owner knows the real value. Aspects such as the condition of the property, market prices and others can be used to estimate the price. Estimating a property is important because buyers are attracted by honest, transparent prices. Buyers are quick to come forward, enabling the property to be sold as quickly as possible. A property valuation is also a guarantee for the future owner. Potential buyers are reassured and no longer waste time worrying. They are more confident in their choice and don’t hesitate.
If you want to rent a house, an appraisal will help you establish a fair price. You can then find suitable tenants. An assessment by a qualified professional is often beneficial in certain situations. Divorce proceedings can be more efficient if the value of a spouse’s assets is assessed. Inheritance tax can be calculated after the property has been valued. This procedure must not be altered in any way, so expert assistance is essential.
How do you make this estimate?
You can call in a professional to carry out an estimate, or you can estimate the property yourself. To obtain an accurate value for a property, you have several choices.
By a professional ;
There are many advantages to having your property appraised by an expert. Because he’s an expert in the field, he knows exactly what makes the real estate market tick. He can advise you on the right price for your property, taking into account not only the price per square meter typical of the area, but also certain particularities, such as location. For example, he knows the price per square meter in Montpellier, in the Occitanie region, and knows how to value a property taking into account all its variables(location, size, floor, equipment, etc.). You can call on estate agents, notaries and other real estate specialists to value your property. These are the real estate professionals who have undergone appropriate training and have experience in the field you want to hire.
You don’t need to hire a professional to appraise the property. It’s up to you. However, you must have the knowledge and skills to make a good estimate, the most important being ;
To appraise a property, you first need to determine local real estate market values. If you don’t have the right information, you need to gather it. You need to be able to estimate the price per m2 of a property in your area. You can use the Internet to find out the price per m2 of any French commune.
The different criteria
In addition to price, other factors must be taken into account when estimating a property. A house in the country, for example, will not be valued in the same way as a house in the city. If it’s in the city, you’ll need to assess its location, i.e. whether it’s close to or far from the city center. You’ll also need to determine whether the property includes shops, public transport, businesses or bus stops. These elements increase the value of the property.
The number of rooms, the surface area of the property, the number of bedrooms and other such criteria should also be taken into account. They help refine the estimate and establish the real value.
Generally speaking, the valuation of a property is an operation that may be necessary in a number of different situations. It is therefore possible to appraise the property yourself, or to call in a professional.
Also read: Use a real estate broker for your loan?