There is one thing common in all home buyers is that they do not pay a high price for the house or property. Therefore, it is recommended to all home buyers that they research before buying a home. While shopping for a house, it is imperative to determine the present scenario of the real estate market. Here, in this blog post, I am going to describe some viewpoints to determine the right market value of a house:
1. Determine Price of Recently Sold House
While comparing the properties, you should make sure that they are similar in condition, size, amenities, and neighborhood. For instance, a remodeled 1,200 sq. feet listed house with one garage will be listed roughly equal to the home in the same neighborhood. This technique will help you to find the approximate value of the house. You should take the help of a real estate agent to determine the price of the property which is recently sold and just similar to the property in which you are interested. For instance, you should compare the Medallion Mohali price with other similar kinds of houses and you will observe that you are getting the best property at an affordable price.
2. Know About Market Condition
You should be updated with the market condition of real estate. It is imperative to know how the prices of the real estate market are going up or down. The value of properties in the seller’s market may be slightly overpriced. On the other hand, the value of properties on the buyer’s side may be a little bit underpriced. Well, it is based on the current scenario of real estate. The price of properties can be used for comparison of the property that was recently sold. Otherwise, the above-mentioned tip for determining the property’s value based on comparison is not applicable.
3. Location
Another important factor that helps in determining the value of the house is the location. If the house is located in a well-connected region and an urban area, then the price of that house will be high. If a similar kind of house is located in urban and remote areas, then the price of this property will fall. Thus, location also plays an imperative role in deciding the price of properties.
4. Space
After location, another important factor that decided the price of the house is space. The spacious properties have a high value. After all, a home is a big investment in a lifetime. You should make the decision wisely. Though spacious homes are costlier than small properties, they are capable to cater your future needs and demands.
5. Determine Expected Appreciation
While selecting the property, you should consider the prospects of the selected neighborhood. If the development is planned in that area, then it will affect the price of the property. For example, if a big shopping mall is going to open in your area, then the price of the property will be somewhat high. But if the stores and malls are closing down in the surrounding area, then it shows a negative sign. Thus, the price of the property will be low.
We recommend you not to invest in those properties where the neighborhood is showing negative signs of developments. These properties may have low prices, but their value will down significantly in the future. You will face huge losses by investing in these kinds of properties. The Medallion Mohali is situated in the perfect location where you can expect huge development in the future. The price of this property will grow significantly and you can get the maximum price by selling this property in the future.
6. Take Help of Real Estate Professionals
The experience and real estate professionals know the right prices of the different properties. Taking the help of professionals is a good idea. These professionals can help you to buy the right property at the right price. You may have to pay the brokerage amount to these professionals. But, you can have peace of mind that you are investing in the right property.
7. Negotiate
You should negotiate to buy the house of your choice at the right price. Usually, home sellers list the price of their properties high and maintain a margin for offering a discount to the home buyers. Thus, you should try to negotiate. While making an offer, you should make sure that your offer is not so low that it disappoints the home seller. If you have your heart set on the property, be warned that some sellers could be offended by lowball offers and may refuse to work with you should you choose to employ such a tactic. Also, when you offer less than the list price, you may increase your risk of being outbid by another buyer.
8. Call For Home Inspection
You should call the home inspector to determine whether the property you have selected is structurally strong or not. Also, the home inspector can help in finding various other problems in the property that you can see. You may have to pay extra for a home inspection, but you will get the most value for your money.
