Real Estate: What Price Should you Sell Your Property For?
When selling a real estate property, pricing is a complicated step. It must take into account many objective criteria, some of which are difficult to evaluate. The challenge is to define a sales price aligned with the market value of the property, and that suits both yourself and potential buyers. But how do you make an unbiased estimation of a property value? At what price should you sell yours for?
Objective Criteria for Setting the Price
When selling a house or an apartment, you have to consider many things in order to be able to set a price wisely. In addition to the date of construction and the size of the property, other criteria should also be taken into account. These can be divided into three categories:
First of all, the location of the property involves several aspects. It first includes the actual location as well as how close it is to facilities such as public transport, schools, shops, etc. For this, you should check about any planned development projects. These can increase the value of the location, and therefore of your property.
The location is also related to the orientation of your property and the view from the windows - this is the visual quality. The overall environment, including the noise, also needs to be taken into account.
2. The Overall Condition
Secondly, the overall condition of the property will affect the buyer's budget regarding any additional expenses in the future (renovations, energy consumption, level of maintenance, etc.). A house/apartment in good condition will result in the buyer spending less in the future which will increase the market value of the property.
You also need to consider the energy performance and efficiency of the property when setting a selling price.
3. Indoor and Outdoor Amenities
Thirdly, we look at the advantages and disadvantages of the property:
- Indoor: What is the layout of the rooms? Is there a balcony or a garage? What kitchen equipment is available? What are the storage possibilities? etc.
- Does the property have a garden, swimming pool or terrace? What is the overall outdoor surface? In what condition are the installations? etc.
Compare your Property with Other Similar Ones
Then, to help you set your selling price, you can compare your home/apartment with other properties for sale on the market. But keep in mind that you will need to consider similar properties which are preferably located in your neighborhood. Make sure to only check those with similar location, area and installations.
Talk to Real Estate Professionals
Finally, it would be better to ask a real estate professional to evaluate the value of your property. This would ensure impartiality and fair pricing which would allow you to sell at a more interesting price and in a better time frame.
On the contrary, by setting the price of your property yourself, you may be too subjective. And in the end, you will struggle to sell it. The fact that you are emotionally attached to your home or that you want to make capital gain might bias you.
In this context, only real estate experts are able to correctly estimate the market value of a property. With their in-depth knowledge of the market, they are able to consider economic factors when making their assessment, but also any other objective criteria related to the property.
If you do not know how much you should be selling your property for, the best thing to do is to talk to a real estate expert. They will be able to advise you on an adequate selling price, which will increase your chances of selling your property.