Real estate is a very lucrative business but it needs proper skill and attention to avoid running into dept.
Today i will be telling you real quick ways to determine property value before purchasing, so many people find it difficult to understand things to look out for when buying a property, you don't have to allow the owner of the property to talk you into buying his property before determining the value.
It is important to estimate the value of a real estate property, because it will help in investment analysis, property insurance, taxation, and also your financial power at that point.
In Nigeria, we have very smart real estate agents that will always tell you a price of a property before you inspect it, it is unwise to buy a property with the assumption of pictures, in other words, don't buy real estate properties when you see just pictures on social media.
Below are quick ways to determine property value;
Start With Online Valuation Tools:
Online tools work will work with the information you provide about the property and also the general data gotten from the public, always have it in mind that this is an estimate and shouldn't be capitalized on because it is not the cost.
Work With a Realtor:
A realtor will assist you with a relative home estimate value called
Comparative Market Analysis (CMA). This analysis needs information about comparable properties in the area, it is usually called "comps." It gives you the price range of similar properties, how long they have been, and the exact amount they are going to be sold.
Normally when realtors are working with CMA, they look at;
Size, Location, Number of bedrooms/bathrooms Style and view Home type (e.g. single-family home, condo, etc.) And also Recent sales price of the property.
Inspect the property location yourself:
If you don't want to lose your money so easily, inspect the property location by yourself without, this will help you understand the value of the cost of the property, ask questions and get answers for everything question you ask.
I hope you have been able to get value for spending your time to read this articles, you can read various land documents here.
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