Estimating the selling price of your house might be quite a tough process. Negotiations between the seller and the buyer most of the time turns out to be game: for the latter, the major goal is to sell his property at the most profitable price while for the former, the primary objective is to buy at relatively low price. In the actual economic context, real estate prices are low and buyers are well off. So, in order to sell, one should set a coherent and appropriate price in line with the local real estate market.
People wishing to sell their house tend to overestimate the price taking in account works and repairs already carried out, their own purchasing power and the will to perform a good deal by realising profit. In order to estimate the price of your property objectively, it is better to study the various assessment criteria or else, hire a third party who shall estimate more effectively the selling price of the house.
Before selling a house, one should consider the following criteria:
1. Geographical location
When it comes to real estate, the geographical location of a property is the main criterion. Is the neighbourhood that is attractive, safe, and well-located? Are there efficient services such as schools, hospitals, supermarkets and so on? A house or property in well-located and attractive zone shall be more expensive than one located in the countryside. The value of the house / property depends also on the available amenities like parks, bike paths, libraries etc. On the other hand, nuisance factors such as airports, highways, factories tend to depreciate the value of properties.
2. Land surface area and living space
The price in square meters will be higher in urban areas where building land is not so accessible: it is just the law of demand and supply. Obviously, the greater the land surface area and the living space, the higher will be the selling price.
3. House conditions and features
Apart from the general conditions of the house interior and its equipment (electric, sanitary installations etc.), the price of the house will be influenced by numerous details such as high or low storey level, its exposure, the house plan (apartment), existence or not of a balcony or annexes (maid’s room, premises / building in yard, cellar etc.)
4. The level of comfort
A rational space allocation in a house well-fitted with modern conveniences (kitchen close to living rooms, bedrooms overhanging yard) will have a greater value than one with lots of wasted spaces, long corridors or nooks.
5. House maintenance
A house or apartment with connections, fittings and installations dating back to the 70s will cost less than one refurbished and fitted with all modern conveniences. The maintenance works shall be partially or totally added or deducted from the basic price. Everything will then depend on the wills and desires of the buyers. Some of them would not be put off by the upcoming works even if it means that they should perform themselves the works or get them done by a company. Others would prefer to come and settle straightaway.
6. Year of construction
The date at which the building has been constructed will influence the physical appearance and thus the price of the house. Generally speaking, a new house or apartment will cost more than an ancient one. According to real estate stats, a real estate property constructed after the 80s will be 10% more expensive than those erected before 1980.
To help you in your estimation, it is better to firstly to have a look and consider real estate ads in newspapers or on websites such as www.lexpressproperty.com. This will help you to have an idea of the prices in the real estate market. You may also hire some real estate agents for a site visit to estimate and give you a price range for your property. If you are not satisfied with the offered price due to under-estimation of the selling price of your property, you may hire a real estate expert for a better understanding.
