How to value your property for free
I would, of course, advocate getting a Bluebook valuer like ourselves to perform this exercise, but if you want to get a ballpark estimate yourself, then, hopefully, this will give you a simple and basic approach.
- 1. Measure the size of your property and the garden. The first thing you need to do is to know the size of your property and the area that is sits upon.
- 2. Go to the daft.ie and find comparables. This means properties that are similar. To determine the price of your property you need to see what the market paid for similar properties that sold and not just was in on sale. They should be in close proximity and also recently sold. Note the sale price and then divide by the size to get the cost / square meter. e.g €400k/100sqM = €4000 per sq/M. Do this for all the comparables you can find and then get an average of these so you get a cost/sqM for the area. Valueing is not as simple as this but this will give you a figure that you can consider. Note that when properties go past a certain size they experience what they call deminising returns.
- 3. Multiple the size of your property by the average cost/sqM in the area120sqM * €4000/sqm =€480k
- 4. Adjust the price down or up depending on the positive or negative features such as positive attribute would be a south facing garden , large garden, gated parking, recently refurbished and in good condition and close to public transport, amenities, schools are all positive multiplies to a point as there is diminishing returns. Same goes for negative features being the opposite to the above.
If you are thinking of selling you should get an experienced and qualified valuer to value your property. It is likely the most expensive asset you will ever sell so being armed with the right pricing strategy is key. Pun intended…..
Ciprian on Friday, August 7, 2020 in News