Follow our tips on how to work out how much your property is worth.
Property is one of those subjects that we all like to talk about. Whether that is discussion of a new township being built on the outskirts of Kuala Lumpur, how much a neighbour has put their property on the market for or how much your own property has appreciated in value. As property forms part of many people’s investment portfolios, it is important to be able to accurately value your property especially if you are considering moving.
1. Ask the experts.
Real estate agents are the eyes and ears on what is happening in the market. Call on their expertise in order to give you a market appraisal of your property. It is recommend to get at least three valuations in order to help work out what your property is worth. Work out the average if there is a discrepancy between them. Remember that some agents may overvalue your property in order to win your business. It is easy to be lured by the highest figure but essentially a property is worth what someone will pay for it. Therefore if one agent is widely higher than the other agents, then ask them how they have reached this figure. This is also your opportunity to ask the agents whether people are offering at asking price or if not, what percentage lower.
2. Check comparables.
One accurate way to calculate the value of your property is with comparable evidence. Check Dot Property for similar properties that are on the market. But remember to compare like for like. A property that is finished to a lower specification than your property or does not have a car parking space will warrant a lower price tag. Remember some properties will be marketed at a higher price in order to allow for negotiations. Even better is to find out recent sold prices as this gives a very accurate idea of where prices are. Chat to your neighbours and speak to the management team at your building who may be able to give you some inside info.
3. Calculate per square metre.
Should you be comparing your property with one sold in the same building that is a different size, then calculate what the values are on a square metre basis. Many agents will know what values are per square metre for buildings so this is another way to work out the value of your own property.
