What affects the price of our flat?
Text from 2022. Laws, rates and prices may have changed since then. Ask an agent
When preparing to sell or let a property, we often compare our listing with those of competitors. Above all, we look at the price. However, it turns out there are many factors that make even very similar flats differ considerably in value.
Location is key in a valuation
Almost nothing affects the valuation of a flat as directly as its location. An attractive location is the factor that most often pushes property prices up. No wonder: which of us dreams of a flat with poor transport links, far from the institutions or venues that interest us? The needs of buyers and tenants are of course different. Some will value a flat close to their workplace; others may dream of living in the vibrant city centre. Families with children will probably pay attention to access to schools and the safety of the chosen district. That is why a reliable property valuation in Katowice, as in other big cities, is often based on a careful comparison of flat prices in the same area.
An aspect that is talked about less, but also has a significant effect on the price of a flat, is its position in the block. For example, valuers often rate flats on the first and second floors highly. What also matters is how much natural light our flat gets, and even what view from the window we can admire.
The interior counts
The property's actual characteristics have an equally big effect on its price, and above all its floor area. Along with location, it has the strongest effect on the value of a flat. Every square metre costs money, so the larger the flat, the higher the price. The use of space also counts. The number and layout of rooms, the kitchen (separate or open-plan) and the size of the balcony are of considerable importance to people who value properties.
Let us not forget the technical side of our four walls either. A reliable valuation should take into account the age and standard of the building in which the flat is located. The quality of the finish and the practicality of the wiring and plumbing are also closely examined.
If the flat is at least partly furnished, this will raise its price. It is worth remembering this when preparing the property for valuation.
The property's past matters too
When valuing a property on the primary market, the task is somewhat easier in this respect. Our flat is either only under construction, or completed but not previously occupied. Therefore there are no legal or financial encumbrances binding on it. It is different when selling a property on the secondary market. Such flats may be encumbered with a mortgage, rights of use or, for instance, claims by third parties. A tangled legal situation can be very troublesome for a potential buyer, so an experienced estate agent will certainly take it into account.
