How to determine the market value of a house?

How to determine the market value of a house?
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Selling a home represents taking on several challenges, including choosing the ideal sale price. The houses in Pakistan vary in price, but much depends on the factors that will be explained in this article, which will help you determine the market value of a house.

The idea is that you can determine the perfect balance in price; so that you do not lose money but, you can offer a good price that competes with other offers in the real estate market. 

Location of the house   

When it comes to calculating the price of your house, its location is a determining factor. In Pakistan, the price variation depends a lot on how close the beaches are. For example, the price of a house located in Karachi can be very different from the price of a house located in Lahore.

In addition, there are other factors such as; the number of inhabitants in the area, the public services available; schools, hospitals, pharmacies, markets, firefighters, policemen etc. All of this will determine the value of a home.

Public transport also plays a determining role in the value of the house, since many clients prefer to use public transport instead of their own car, which is why they demand that there be one nearby.

Finally, take into account the activities that are available in the underlying area. Is it a tourist area? Are there bars, restaurants or shops near the house? Do children have access to parks and sports fields? These location details greatly influence the price.

Structural conditions of the house to determine the value of a house

To determine the value of a house by its structure, the dimensions that it has must be taken into account. For example, the value of a house with two bathrooms cannot be equal to that of a house with three bathrooms; also take locations into account. Are the rooms on the second floor? What are the dimensions of the room, kitchen?

Is there a balcony, if so what size is it? Do you have a backyard, do you have trees, small or large? Does the house have a garage? This and other observations will help you determine the value of a home.

However, another factor that you should consider is the age of the home; a mid-century house has many differences in relation to materials, compared to a house built a couple of years ago. 

Something that can help you determine the value of a home knows if the water or gas pipes have ever been changed. What repairs have been done in the past? Has the roof been changed or repaired? Any cracks in the wall? These types of questions can be vital to know the current state of the structure.

Conclusion

Once you know the characteristics that have been described in this article, you will be better prepared to calculate the correct and true value of your home. However, it is always wise to know the prices of similar homes in the area as this will help you offer a competitive price for the sale of the home.

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