3 Simple Steps To Help You Value Your Home Abroad.
How to value your home?
Pricing your property correctly could be one of the most important factors when selling your home.
Why do you need to properly assess your home?
Valuing your property correctly and at market price will help you sell your home more efficiently and save you time. When a good is poorly valued, it stays on the market for a long time. It can also cause a strained relationship with the real estate agent, as you end up making many visits or getting many offers below the asking price. Plus, by overpricing your property early on, you could miss out on the home’s new and current appeal.
We know that your home is a sentimental part of your life. It can be a place where you’ve watched your kids grow up or where you’ve put a lot of effort and time into making them something special. But when it comes to valuing your home, you need to stay objective and understand what price you’ll get for your property at current market value.
What does it mean?
It means that you need to do your research or hire and trust a specialist to do it for you. We would recommend that even with a professional you do some of your own research so you can get an understanding of the market you are in. Below we will share with you some tips on how to properly assess your property.
Value Your Home Using Comparative Market Research
Look for comparable listings that have been on the market in the past 3 months in your neighbourhood (Try Here). In some areas this can be difficult because you may not have many properties similar to yours. When we do a comparison, we usually look at the same number of bedrooms, the square meters of the plot and the house as well as finer details such as the view, location and finishes of the property. In addition, when evaluating your property, it is good to consider a construction year similar to yours.
=> Tip: When comparing with other properties, don’t overlook the details – such as the neighbourhood boundary lines (is there a busier road or main streets, are the views better? , orientation, etc.)
As we compare the properties currently on the market, it is important to look at recent listings. If they’ve been on the market for more than three months then they probably wouldn’t be a good benchmark in the market. Again, this could also depend on your location as some regions have busier months in terms of sales than others.
Where to find these properties?
You can often find these properties on different portals depending on the country in which you are based. Each country has different referral sites that offer you to enter the criteria you are looking for. This makes it easier for you to find properties that match your personal property and some of these portals also allow you to select the geographic area.
Value Your Home Using Older Listings
Once you have compared the properties currently on the market, you need to compare the properties that have sold in your neighbourhood. When looking for them, you should try to research what the price reductions were during the selling process and what the final selling price was. Usually we would find it by contacting our network of agencies as well as interviewing neighbours, lawyers and using some official websites.
When looking at older listings it is good to check how long they have been on the market and if they have undergone any price changes during that time. It’s also good to see if there are any common factors that they can share. This will give you a good, broad idea of what not to do when it comes to pricing your property.
Other Research You Can Do To Value Your Home
In addition to a comparative valuation, you can also see the price per square meter depending on the country in which you are based. In some countries, this is not useful because there is a large variance in some areas on the cost of construction or the valuation of houses. You can also look at the costs of building and how much the price would have been when the house was built.
These are only the first steps in determining how to value the home. At Selection Med, our knowledge and experience in using these methods and more helps us to place and sell your home efficiently and with less hassle for you. Get in touch today so we can help you.