How should I value my home?
· 3 min. read
Putting our property up for sale is always complicated. It is always necessary, and it is a very decisive step, to carry out the valuation of the property. An appraisal must be carried out, that is to say, the property must be sold at a certain value so that there are no financial losses and the sale is a success.
That is why it is very important to know how to value our own home properly, in order to carry out a good sale and purchase process. Below we will tell you how to value your property, the steps to follow to ensure that everything is a success and everything that needs to be carried out in the process.
Important steps to take when carrying out an appraisal?
It is important to carry out a good valuation process, as it is vital to proceed to a fair valuation of the property through a series of steps. Here is how to proceed to find out how to value your home:
Market research and analysis
Before carrying out the valuation, it is important to carry out an analysis and study of the market, i.e. what the market conditions are as this will influence the value of the property and the final price of the property, which should be as fair as possible for all parties involved. This refers for example to whether there is a high supply and demand in the area of the property. But there are many factors that influence the market and affect the price and value you give to your property.
Analyse the elements that give value to the dwelling.
An analysis should be made of all the intrinsic elements that give value to the property, such as the location of the property, the construction materials, the quality and distribution of the property, the accessibility, the proximity to public transport, the year of construction, etc.
A property will have more value and a higher price if it is located close to a central area, with shops, supermarkets, public transport, leisure activities and much more. If it is a frontline beach property, if it is in a prestigious residential area or if it is a property with a lot of privacy… its price can skyrocket.
Objectivity
After having carried out the market valuation, having analysed and quantified the value of the house according to the intrinsic elements and having carried out the valuation of the house, it is important that the owner of the house who is going to put the house up for sale has objectivity and takes an overall view of everything. A valuation cannot be carried out in a subjective way, as the sentimental and emotional part that links us to the house must be left aside.
When putting your house up for sale, it is important to know how to value your home in order to successfully carry out the process of buying and selling it. Do not forget the steps to follow to make it a success: study the market, analyse the intrinsic elements of the property such as the location of the house and finally, after having carried out the valuation, carry out everything objectively.
At Christie’s International Real Estate – Madrid, Malaga & Marbella we can help you to carry out the analysis and valuation in an honest and rigorous manner. Do not hesitate to contact us for evaluating your property.