A well conducted real estate sale project starts with a good estimate: it is the sine qua non condition!
Why is that? Simply because a more accurate evaluation will allow you to sell better, that is to say: within the time limit you have set for yourself. Setting the right price right away will ensure that you don’t waste time – or money!
This is why it is essential to estimate your property as accurately as possible. And here are some tips to achieve this!
Table of Contents
- Estimate your property: why is it so important?
- The criteria for estimating your apartment :
- The precise characteristics to estimate your property:
- The assets of your property :
- The best methods to estimate your apartment :
Estimate your property: why is it so important?
You can’t imagine putting your apartment up for sale without first evaluating it? It’s normal: before selling something, you have to be able to set a price.
But in itself, determining a value does not mean much. You can decide that your home is worth 1 million euros – after all, it has great emotional value!
Estimating is good, but estimating your property at the fairest, that is to say the market price, is better. For at least two good reasons :
To meet the deadlines you have set for the sale (overestimating your property is likely to lengthen these deadlines); To avoid losing time on your transaction and end up selling far below the real value (properties that stay on the market too long end up losing value). In other words: estimate your property is to coincide (more or less) the commercial value, that you have set yourself, and the market value, that the market has set for you.
It remains to know how to do!
The criteria for estimating your apartment :
The global criteria: to be part of the local market
The first thing to do, to estimate his property, is to look at what happens on the local real estate market: what are the prices in the town? How much is a square meter worth?
You must then compare your home with equivalent properties (surface, layout, neighborhood), by consulting the ads of real estate agencies and web portals.
This will give you a first idea of the market value of your property. You will have to add the characteristics of the property and its environment.
The precise characteristics to estimate your property:
Here is a list (not exhaustive) of the characteristics which make it possible to estimate its real estate:
- The location of the property: this is the number one criteria. We are talking about the quality of the neighborhood and the proximity of amenities (schools, shops, public transportation). An apartment in the center of the city, close to the metro, will be worth more than a house on the outskirts of the town.
- The size of the property: the price per square meter decreases when the surface area of the property increases – which explains why a 20m2 studio is more expensive than a three-room apartment in the same building.
- The layout (and number) of rooms: a good layout can save a lot of space – and conversely a poor distribution of rooms can lose a lot. The number of rooms will give value to the most sought-after properties in the area: in a city, the three rooms (and more) are much sought-after by families, and are therefore very popular.
- The date of construction of the building and the quality of the materials: old buildings invariably deteriorate, unless regular renovations have been made. Quality materials also make all the difference: a good thermal and phonic insulation will increase the value of the property. Don’t forget that you have to provide an energy performance diagnosis among the essential documents for the preparation of your real estate sale, and that this DPE must appear on the advertisement!
The assets of your property :
In addition to these basic characteristics, your home has its own assets – benefits that enhance its value in the eyes of the market, and which must be taken into account when estimating its property in Charenton.
These assets can be :
- The orientation of the building
- The view from the apartment
- The existence of a cellar or a garage
- A fitted kitchen
- A lot of storage space
- The connection to the optical fiber
- etc.
The best methods to estimate your apartment :
The best way to estimate your property is to combine these criteria with as much local data as possible – which requires a good knowledge of the real estate market in your area.
Real estate professionals apply several comparative methods: the comparative market study (what your home is worth compared to other equivalent properties), taking into account the specific characteristics of the property and the surrounding criteria, and finally the estimate of the time to sell based on the price and in comparison with previous sales made by the professional.
Of course, for individuals who wish to do it themselves, there are several ways to estimate their property on the Internet. Many websites and portals offer free estimation tools.
But it should be kept in mind that these estimates are based on macro criteria and offer approximate values.
Therefore, these generic estimates should feed your local estimate – and certainly not replace it!
Finally, don’t forget the most important thing: to estimate your property in Charenton is above all to set a selling price that allows you to sell your apartment within the time limit you have set!