{"id":6856,"date":"2017-10-31T22:00:22","date_gmt":"2017-10-31T22:00:22","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/how-to-establish-a-propertys-true-value\/"},"modified":"2017-10-31T22:00:22","modified_gmt":"2017-10-31T22:00:22","slug":"how-to-establish-a-propertys-true-value","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/how-to-establish-a-propertys-true-value\/","title":{"rendered":"How to establish a property\u2019s true value"},"content":{"rendered":"

<\/p>\n

\n

With the real estate<\/a> market continuing to roll from strength to strength, trying to determine a property\u2019s true value is an ever-present challenge for buyers.<\/strong><\/p>\n

Snaring the property you want while avoiding paying too much is the dream, but how do you make that happen? As a buyer, how do you ensure you purchase at the right price every time?<\/p>\n

Some of Melbourne\u2019s leading buyer\u2019s agents share their tips.<\/p>\n

\"suburbs<\/p>\n

Buyers need to know what a property is really worth. Picture: Getty<\/p>\n<\/div>\n

Know your goals<\/h2>\n

The \u201cright\u201d price for a particular property won\u2019t be the same for everyone.<\/p>\n

For example, a first-home buyer might see a certain price as fair for a property, while an older couple looking at downsizing might be perfectly comfortable paying $100,000 more to ensure they get hold of it.<\/p>\n

Kristen Hatt, from buyer\u2019s advocates Woledge Hatt, says being crystal clear about what you want from a property will help determine what your right price is.<\/p>\n

\u201cIt\u2019s about having a really good understanding of what you\u2019re trying to achieve, and then making sure that property will meet all of those goals, because then you can make decisions around price as well,\u201d she says.<\/p>\n

\u201cUnderstanding what the property is and the likelihood of (a similar property becoming available again), will determine the right price for you.\u201d<\/p>\n

How to negotiate a property price:<\/strong><\/em><\/p>\n

Research, research, research<\/h2>\n

When it comes to determining the right price for a property, there\u2019s no substitute for market knowledge and conducting your own research.<\/p>\n

Luke Assigal, from Parley Property Advisory, says it\u2019s important to frame your own market, rather than blindly following the selling agents and their indicative price ranges.<\/p>\n

\u201cThat includes taking the statement of information with a grain of salt as well,\u201d Assigal says.<\/p>\n

\u201cThe statement of information gives you a bit of an idea, but there\u2019s been a lot of examples where the indicative selling range is out by 10% to 20%.\u201d<\/p>\n

\u201cLook at the location, look at the council area. What is it close to? Is it close to commission housing<\/a>; is it close to industrial; is it on a main road; what age is the property; has it been renovated in the last five years; what is the aspect of the property; what is the floor plan like? All of these little characteristics add up to what the property\u2019s worth. At the end of the day it\u2019s like a science.\u201d<\/p>\n

Get a property value estimate as part of your market research.<\/strong><\/p>\n

\"researching<\/p>\n

There\u2019s no substitute for market knowledge and conducting your own research. Picture: Getty<\/p>\n<\/div>\n

Inspect in person<\/h2>\n

All property knowledge isn\u2019t necessarily equal. While looking at properties and results online will give you some measure of knowledge, there\u2019s no substitute for checking out properties in the flesh, Hatt says.<\/p>\n

\u201cJust getting the results of properties doesn\u2019t necessarily tell you about the properties,\u201d she says.<\/p>\n

\u201cSometimes a property sells for a certain price because it has a major structural issue, and you can say: \u2018Well that\u2019s why it was cheap\u2019. Understanding more about each property is important.\u201d<\/p>\n

Home tips\u00a0 for buyers:<\/strong><\/em><\/p>\n

Calculate based on square metres<\/h2>\n

Some agents are reporting that for many properties, calculating the likely sale price based on the rate per sqm\u00a0of land is proving increasingly accurate.<\/p>\n

Again, it\u2019s about research. If a number of properties nearby have sold for around $5000 per sqm\u00a0often you can expect a very similar rate for the house you\u2019re eyeing off.<\/p>\n

\u201cYou can do square meterage, particularly when you\u2019re dealing with larger blocks and development blocks in blue chip areas,\u201d Assigal says.<\/p>\n

\u201cYou can get access to stats quite easily\u00a0\u2013<\/span> most properties have the square meterage listed<\/a> online.\u201d<\/p>\n

It doesn\u2019t necessarily mean the property will be the right price for you, but at least you\u2019ll know how much you\u2019re likely to be up for if you decide to bid.<\/p>\n

Use a buyer\u2019s advocate<\/h2>\n

Studying the market yourself each week is one thing, but consider for a moment that there are people who do it professionally.<\/p>\n

\"buyers<\/p>\n

Buyer\u2019s advocates have knowledge and expertise built up over years. Picture: Getty<\/p>\n<\/div>\n

While the average punter researches properties only when they\u2019re actively looking to buy one, buyer\u2019s advocates\/agents have knowledge and expertise built up over many\u00a0years, and can give an almost instant appraisal of what a property should be worth.<\/p>\n

Hatt says that with buyer\u2019s advocates, you\u2019re paying for that superior market knowledge, as well as their ability to sniff out properties based on your personal requirements and circumstances.<\/p>\n

\u201cWe were chatting to clients the other day and talking about a specific bayside area, and I said that over the last five to 10 years I would have been through 80% of the homes in that area that have been for sale over $1 million,\u201d she says.<\/p>\n

\u201cThat\u2019s knowledge that you can\u2019t just get by going to a few open for inspections and thinking that you\u2019ve got an understanding. A lot of buyers are only in and out of the market in a very short period of time.\u201d<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With the real estate market continuing to roll from strength to strength, trying to determine a … How to establish a property\u2019s true value<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6857,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[695,1403,15239,132,1399,62,12908,543,127,617,489,344,3058,41,254,818,84,2878],"class_list":["post-6856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-agent","tag-buy","tag-chase","tag-commission","tag-development","tag-for-sale","tag-home","tag-home-buying-guide","tag-homes","tag-house","tag-houses","tag-housing","tag-location","tag-property","tag-property-prices","tag-real","tag-real-estate","tag-real-estate-market"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/suburbs-houses_2000x1500.jpg?fit=2000%2C1501&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4776,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-to-get-an-accurate-valuation-of-your-house\/","url_meta":{"origin":6856,"position":0},"title":"How to get an accurate valuation of your house","author":"Amazing Property","date":"May 31, 2017","format":false,"excerpt":"When the time comes to sell your house, the logical first step is to figure out what it\u2019s worth. 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