How much is my property worth? Tips for determining the selling price

Do you want to sell your apartment or are you simply wondering how much your property is worth in the current market situation? You can try out the army of online real estate valuation calculators, or you can ask for the help of a real estate expert if you feel lost in the forest of so many aspects.

How much is my apartment worth? What does the estimated market value depend on?

Value determination is a much more complex process than it appears at first glance. Many people think that it is enough to start from the prices of sold apartments in the area, but the situation is unfortunately much more complicated than that. Of course, the price per square meter is a good guide to approximately where the market value can be, but many more aspects need to be taken into account.

The location

Obviously, it does not matter that the apartment is in district XII in the mountainous part of the district, or along the railway line in Kőbánya. But there are also less obvious differences: it does not matter, for example, which side of Rákóczi út the property is located in Budapest, because this also greatly affects the price. The part towards the Keleti railway station is the 8th district, while near Astoria we can speak of the 7th district. The same is the case with Szent István körút, one part of which extends into the 13th arrondissement, while the other extends into the more expensive 5th arrondissement. Even if two apartments are in the same condition, a difference of a few hundred meters can result in a completely different value.

The type of property

It is clear to everyone that you cannot compare a single-family house with a brick apartment in a condominium, nor with a panel apartment, but there can be differences even within the same type. A panel with a kitchen with a window, for example, is easier to sell than a kitchen without a window, which will also be reflected in the selling price. Countless aspects can be considered, as each property is a unique product, so the price of a ground-floor apartment and an upstairs apartment in the same building in the same condition will differ.

Don't forget about the level of comfort, but the condition of the property is also a determining factor. In the case of a property to be renovated, it is worth researching, even asking for a quote, how much the renovation would cost. In this way, even the potential buyer can calculate the necessary costs in the purchase price. In the case of a condominium apartment, the condition of the house, including the facade, staircase and roof, is an important issue.

Other parameters of real estate valuation

In order to sell real estate, you will also need to objectively analyze the most important parameters of the apartment, such as

• the floor plan, whether there is a possibility for conversions;
• the condition of the windows, the floor, the lines, the pipes, the kitchen, the bathroom and the heating system;
• the view, as an apartment facing a firewall is less attractive than an apartment facing a garden or a panorama;
• parking and public transport options;
• energy efficiency;
• the orientation;
• the possible noise effects (traffic, nearby constructions, etc.);
• is there a balcony, terrace, loggia, garden connection, air conditioning.

The process of real estate valuation

How much is my property worth? If you don't know the answer, you should contact a real estate expert. Since a good real estate agent sells apartments on a weekly basis, he has an excellent insight into the real estate market, so he can estimate the value of a property much more accurately.

• A good professional has access to much more data. like a layman, moreover, it is not influenced by the emotions related to the property, so it gives an objective picture of the market value of the apartment.
• He has insight into the current sales prices, knows the market and trends, and can even advise on what renovations should be done in order to sell the property at a better price.
• The process of real estate valuation naturally begins with a personal assessment, where the expert prepares an analysis of the possible sale price based on the observations and data, and makes suggestions regarding the sales process.

The bank valuation

In the case of taking out a loan, a valuation is always carried out, during which the appraiser looks at the apartment and determines its turnover, also known as market value. The bank will also need the loan collateral value, which is also known in the industry as the escape value.

The appraiser carries out his work taking into account data and facts based on the following aspects:

• the size and accessibility of the building,
• the age of the property,
• method of construction and
• quality of construction.

In addition to these, it also takes into account public utility, the legal situation of real estate and current market conditions. Legislation and the bank's own regulations determine for the given financial institution the extent to which the given property can be used as collateral when the loan is granted.

Can a real estate calculator provide real help?

You can find many detailed and less detailed real estate calculators on the Internet, which estimate the price of your apartment after entering some data. If you try more than one, you will see that each one will show a different number. The more data you enter, the more accurate the calculation will be, but you should know that the online real estate valuation can only provide guidelines, a starting point from which you can start the calculation.

Valuation calculator

Even two apartments of a very similar caliber can differ in countless small features, which can make a cardinal difference in the selling price. Since we cannot specify these nuances during data entry, a calculator is unable to take everything into account during the calculation.

Unfortunately, there is no general formula that can be used to calculate the desired amount, which is why it is recommended to have the work done by a specialist who can guarantee the price that can be realistically obtained for the property for sale.

How much is my property worth? Ask the home expert!

You probably have an amount in your head as to how much you think your apartment is worth. Does this correspond to reality? Many people mistakenly base it on how much money they need or how much the neighboring apartment changed hands for. Perhaps due to an emotional bias, they overestimate some characteristic of the apartment. This is when an objective, expert eye comes in handy, someone who has already inspected hundreds of properties, so he can objectively determine the advantages and disadvantages of the apartment.

How much is my property worth? Call me and let's talk about it! If you are interested in real estate brokerage or if you need one of my real estate services, feel free to contact me or follow me on Instagram!