We are used to believing that valuing an apartment is much the same as a house. However, there are notable differences and certain reflexes must be adopted in order to succeed in your real estate valuation.
Estimate an Apartment: First Recommendation
Valuing an apartment is not necessarily an exact science, as two similar units can be negotiated at different prices, even if they are located in the same neighborhood. The general condition of the building, its location, proximity to shops, and transport also come into play.
One thing is certain: if the apartment is overpriced, it is impossible to sell. The valuation of the apartment is therefore essential and for this, it is recommended to rely only on facts.
More than a simple real estate project, the sale or the search for an apartment becomes a real personal project. It is up to you to correctly identify the evaluation criteria for the property in question.
Valuation of an Apartment: 4 Tips for Success
Forget the purchase price
As a general rule, you change your main residence every 7 years in France. If you want to buy an apartment today, there is a good chance that it was purchased at the highest price.
This is why it is necessary to regularly re-estimate the apartment and not to base it on the purchase price. Other criteria also enter into the composition of the sale or purchase price. You have to think as much about the exterior aspect (pollution, noise pollution, sunshine) as the interior aspect (orientation of the main rooms, number of bedrooms, etc.)
Forget the emotional side
Buying real estate is often a crush. We begin to project ourselves, to imagine what life we can have in it. This is when an offer to purchase is made. Even if you have a crush on an apartment, do not forget to take into account certain evaluation criteria such as the presence of noise outdoors and indoors, the existence of urban pollution, etc.
Avoid getting emotional when estimating the apartment, as this criterion is of no interest to future buyers. Rely on facts and figures that can be verified and viewed.
Know the market price
It sounds obvious, but getting a real idea of the real estate prices in your area is essential. Look at the surrounding apartments which have the same layout, with the same number of bedrooms and the same floor space.
Also, learn how long other apartments near yours have been on sale. This will help you refine your apartment appraisal. The more returns you have on the property you covet or sell, the more likely you are to find the right price.
Do not hesitate to call on a professional, whether it is real estate agents, real estate experts or even to use comparators on the Internet. Use all the tools the Internet has to its credit to target and refine your search.
A saving of time and energy greatly facilitates the estimation of an apartment.
Estimate the work
To know a real estimate of an apartment, it is important to know the amount of work to be done or already done.
Do not hesitate to ask for the renovation invoices to get a more concrete idea of the possible dilapidation of the property.
Remember also that there is room for negotiation and commission if you go through a real estate agency. Taking these margins into account also allows you to refine your assessment of the apartment.
The Internet can also participate in the estimation of an apartment, but it is still necessary to know how to use the various tools which are proposed.