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6 Smart Ways to Determine Home Value

6 Smart Ways to Determine Home Value

Some people sell homes at loss where as others at profit. People who sell at loss are those who have no idea of the real market prices of their homes. Setting the right asking price is very important for the quick sale of a home. Low price reduces your profit margin and high price makes it difficult to find the buyer. Therefore you should learn to find the right home price. Here are the 6 smart ways to determine home value.

Neighborhood comparison

The first way to find the real value of your home is to check the price trends in your neighborhood. Just find the selling prices of houses which are similar to yours. This will clearly show the real value of your home on which you can easily sell it. Just add 5-10% extra price as negotiation margin so that your home can be sold out at the real value.

Estate agent’s assessment

The second way to check the real value of your home is to visit the estate agents in your area. Estate agents are experts in their field and they know the property price trends of local areas. Estate agents can assess the correct price of your home on which it will be sold. Their assessment is mostly perfect as it’s their daily routine to handle the real estate transactions.

Government records

The third way is to check the land registry record for home value. The land registry department keeps the record of property selling prices. This is because all real estate taxes are imposed according to the selling price. Consult the local government or land registry department to find the home prices in your area. Just check the prices of homes which are similar to yours.

Surveyor’s assessment

The fourth way is to hire the services of professional surveyors. Experienced surveyors have good knowledge of property value, as they regularly survey houses in different areas. Their assessment is very accurate as they assess the condition of the house as it impacts the sale price. So it’s good idea to hire a professional surveyor to know the real value of your home.

Online comparison

The fifth way to find out the real price of your home is to check the real estate websites and property portals. Just search the homes in your area and check the prices; both asking and selling price. But make sure that you check the prices of houses, which are of same size & condition as of your own home. The online sites will give you a good idea of the real value of your home.

Check the newspapers

The sixth way is to check the daily newspapers and weekly magazines. Most newspapers and magazines have the dedicated sections for real estate ads. These ads have the properties for sale with the asking prices. You should note the contact number of the owners and estate agents. Just call them to know the selling prices of homes similar to yours. This will give you a good idea of the local home prices.

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3 Comments

    • Muhammad Azeem Uddin
      Yes I have read this article of Pakistani Tribune. They are clear and point is valid that there is an ongoing battle in Pakistan between the government and mafia. Property mafia is always supported by politicians who also invest in properties. Whereas government is bent hard to destroy the mafia. This is why government has started NAYA PAKISTAN HOUSING PROGRAM.
      Mafia is in panic because of two events;
      1-People are not taking any interest in private sector housing schemes since the launch of NAYA PAKISTAN HOUSING SCHEME
      2-Government has made strict laws that have reduced the investments in reality sector as non filer can’t buy property worth 5 million or more.
      CURRENT SITUATION:
      Mafia is trying hard to save the skin but many estate agents have closed their agencies due to almost zero transactions. Public is with the government. So lets see the final out come. We will get much clear picture by February as Naya Pakistan Housing Program will be launched in Lahore by 1 January 2019.

      Reply

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