Whether you want to sell or buy a new property, it is imperative to find the appropriate market value of your house. It is the first step in the property selling and buying process. Well, there are enormous ways to determine the right value of any home or apartment. Some of the techniques are described below in the article to make the home price evaluation process simple and easy: The Medallion Apartments Price
1. Sales Comparison Approach
It is one of the widely popular and commonly used techniques to assess the value of your properties. In this technique, the value is determined based on the price of other similar properties recently sold in the same area.
Step 1: Firstly, it is imperative to make a list of features of your properties that are beneficial for residents of that property. For instance, the number of bedrooms, available space, entire area, storage system, etc.
Step 2: Make a list in which you should mention the price of at least three comparable properties. Make sure that the comparable properties must have approximately 70 percent of the feature comparable. Also, you should separately make a list of unique characteristics of listed properties. The most important thing to consider while comparing the price of properties is that other properties are recently sold (not more than six months ago). Also, these properties must be located in the same region because the location change significantly affects property price.
Step 3: Do a quick calculation to find the benchmark price for the property which you want to buy or sell. We recommend you to take the average price of three comparable properties. On the other hand, you can also determine the price per sqft and multiply this value with the total area of the property. The obtained value of the benchmark price of the property. If property sellers are asking to pay more than the benchmark price, then say no to that offer.
Step 4: We recommend you check the condition of the property and ask for a discount if it needs repair. On the other hand, if the condition of the property is good, then buy the property at a benchmark price.
Want to invest in Medallion apartments, then you should check whether the price of these apartments is listed appropriately or not. To determine the medallion apartments price, you should use the sales comparison approach.
2. Cost Approach
When you fail to find comparable properties, then this technique is very helpful in analyzing the value of the specific property. This technique is used for the properties where you are not able to find comparable properties. This technique is based on the assumption that the seller would not price it high because it is an existing improved property.
Step 1: In this technique, you have to determine the value of rebuilding the property. Pay attention to the modern technology devices included and the type of construction material used for this property.
Step 2: Pay attention to the depreciation value of the property because it will help you to determine the reduction in the value of the property with time. With time, the price of the property will reduce due to wear and tear. The price of medallion flats is listed appropriately and you can invest in these apartments.
3. Fair Price After Factoring In Depreciation
In this technique, you should separately analyze the value of the land and the value of the building. It will help you to get the right estimate of the property.
Assess Land Price
To determine the plot value, we recommend you compare the price of various other plots recently sold in your area. While assessing the value of land, you should consider some important factors such as shape, zone use, distance from the main road, and floor area covered by other properties.
The urban-local authorities calculate the value of land in cities where urban land tax is collected. You can take the guide of these authorities to determine the right value of your property. It is imperative to consider the value of land fixed by the development authorities to assess the right value of your property. In urban areas, while analyzing the value of the property the future development also plays an important role.
Assess Building Cost
To analyze the value of the building, determine the reproduction cost, and find the present value of the property. Also, consider the depreciation value of the property. The cost of property in mathematical terms is represented below:
The total cost of property = Value of the building + value of land
Total cost of property = Total area x 10% of reproduction cost + value of land
While selling and buying the property, the most important thing to consider is the value of the property. Most people do not know how to consider the value of the property. Though it is difficult to find the right value of the property, the above-mentioned technique will help you to find the appropriate value of any property easily.