How to value a property? 5 simple steps

The basic step to take before selling a property is valuing it. Unfortunately, it very often happens that when we do it on our own, we estimate the value of the property incorrectly, which in turn causes huge problems with selling it.

The property valuation process is seen as exceptionally tedious, requiring a lot of effort and professional knowledge. Statistics show that the asking price is on average 20% higher than the transaction price, and there are situations where a property is overpriced by as much as 50%. That is why we have prepared 5 simple steps for you, which will let you value your house or flat quickly and easily.

1. Assessing the situation on the property market

The price of any commodity depends not only on production costs, but also on the market situation. Information on the amount for which properties similar to yours are being sold will allow you to determine its estimated value. Just remember to take into account actual selling prices, not those given in advertisements, as the two amounts can differ drastically.

2. Characteristics of the property's surroundings

If we went out onto the street and asked people what most affects the attractiveness of property sale advertisements, the answer of the vast majority of respondents would probably be “location”. And indeed, transport links to important points on the city map, proximity to bus or tram stops, and the presence nearby of medical centres, pharmacies, schools or nurseries significantly increase the quality of a listing. The atmosphere in the area is also important: nobody would like to live next to neighbours locked in a bitter feud, on an estate where you cannot find an ounce of peace, let alone a sense of security. So try to find as many advantages as possible of the surroundings in which your property is located.

READ ALSO – WHAT IS A PROPERTY VALUATION REPORT (OPERAT SZACUNKOWY)?

3. Assessing your investment in the property

Think about how much time you have put into bringing the property to the condition it is in now. The investment includes not only renovations and replacing the wiring and plumbing, but also… your own commitment! If you worked for a long time on, for example, insulating the house, do not be afraid to include the cost of your labour in the value of the property. The architecture and interior design themselves are also important – if we are dealing with unusual solutions, they automatically increase the value of the property.

4. Preparing the property for sale

A property well prepared for sale is one that is clean, fresh-smelling and, preferably, renovated. If defects have appeared while you were using the house or flat that may significantly affect its assessment in the eyes of potential buyers, eliminate them as soon as possible. Otherwise, the price may seem too high to people who visit it. If you do not know how to prepare your property properly, use the home staging service – the art of preparing a property for presentation. In this way you can increase the value of your house or flat by up to 10% and shorten the wait for a buyer by up to 40%.

5. Preparing the listing

Your listing should stand out. That is why basic information about the location, area and interior, accompanied by a simple photo, will not be enough. The description should be intriguing enough to give a potential buyer the feeling of being in touch with something special. Photos should be well lit and properly framed, but really, why stop at photos? Creating a promotional film or even a virtual walkthrough is also a great idea.

Do you need help selling your property in Katowice or in another city? Get in touch with specialists who will help you at every stage of the transaction!