Guide to determine the ideal price in real estate

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Guide to determine the ideal price in real estate

Posted by Tayrona Inmobiliaria on 8 February, 2024
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The property value is a key factor when buying, selling, or renting real estate. Various aspects influence its final price, from the location and surroundings, to physical and legal characteristics. This guide will help you understand the main factors that influence the property value, providing useful information to estimate an accurate offer in the real estate market.

In this guide you will find a detailed explanation of the most important aspects to consider in the valuation:

 

Location and surroundings. A good location is characterized by various elements, from access to roads and public transport to proximity to shops and entertainment areas. It is also related to factors such as the neighborhood, the structure of its buildings, and the predominant activities in the area. Meanwhile, factors such as floods, strong odors, weak security, environmental and noise pollution, can decrease the value of the property.

Price per square meter and measurement. The square meter dimension of the estate is essential for determining its value. However, the price per square meter may fluctuate depending on whether it refers to a covered, partially covered, or outdoor area. Additionally, the value of these areas may change depending on certain characteristics of the property, including location.

Physical characteristics of the property. All additional aspects and features that your property acquires will contribute to its valuation: assessment of the structure, roofs, mezzanines, walls, windows, internal and external doors, stairs, exterior finishes, position within the complex, parking, additional storage, garage, common areas, among others. Additionally, it will also be affected by the administration fees and public services such as water, electricity, gas, among others.

Socioeconomic status. Stratification is mostly related to factors such as location, road accessibility, social development, access to education, and water supply quality. Therefore, the better the neighborhood you’ll also acquire a higher cost of living.

Legal aspects of the property. During the property valuation, all the property documentation is also considered, including the owner’s identity, the property acquisition title, the cadastral registry, the estate deed, the authenticity of the builder’s signature, the certificate of tradition and freedom, and other relevant details. The satisfactory validation of the property’s legalization will favor the final offering value.

Construction. In the valuation of the property, it will also be fundamental to assess the real estate structure and design. The built-up area, the number of floors and internal levels, the layout of the spaces, the age of the property, the quality of the finishes, and its conservation will be relevant. In summary, the size of your property, the investments made in it, and the maintenance of it influences its final valuation.

 

In conclusion, the value of a property is not a single and immutable value, it is determined by a detailed evaluation of various factors. It is important to consider all these aspects when conducting a real estate evaluation, whether to buy, sell, or rent a property. The information provided in this guide will help you better understand the elements that influence the property offer value, allowing you to make more informed decisions in your real estate transactions.

Remember that the advice of a realtor is essential to obtain an accurate and personalized valuation of your property. In Tayrona Inmobiliaria, you’ll acquire the guidance and advice when evaluating your final and optimal offering price.

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