Here is a guide on how to value properties in Cumbre del Sol.
This community is known as the balcony of the Mediterranean, since it offers amazing views over the Benitachell natural area in Alicante.
Property valuation in Cumbre del Sol
Property valuation is obligatory whether you want to sell or whether you’re looking to buy a house in the Cumbre del Sol area. The value of a property is its fair, balanced price that is aligned with the market at a certain time. Normally, any estate agency can take care of this procedure. This is how a valuation usually goes:
Also known as the hedonic pricing model, it is a digital tool that estimates the property value. The algorithm compares it with other similar properties on sale in the area. It is a method commonly used by insurance companies and banks in order to determine a maximum loan for the buyer.
To use this tool, you’ll need the following information about the property:
- Total area.
- Liveable space.
- Year of construction.
- Total number of rooms.
This part may be a little more tedious than the previous one, since you’ll have to do it ‘manually’. Although some estate agencies give you an approximation of the average value per square metre in a given area, you’ll still have to figure other things out. You can also ask an estate agency in Cumbre del Sol for certain information in order to perform your own comparative analysis.
With respect to the information to keep in mind, the following should always be included:
- If the property has a plot of land, garden, pool, etc. This revalues your house.
- Does it need renovating or is it ready to be lived in? Does it need a full or partial renovation? The newer the house, the more it’s worth.
- The neighbourhood or area where the property is located can either multiply the land’s value or divide it by half.
- How long it’s been on the market. Keep in mind that, statistically speaking, the more time goes by, the less chance you’ll have of selling it. What you can do is consider that you’ve overvalued the property and should therefore lower the price.
Calculate square metres according to the city
It goes without saying that one square metre in a town in Castile is not the same as one square metre in Madrid, for example. The difference is huge. For this reason, it’s important to be aware of the price per square metre in the Cumbre del Sol area. First, you have to find a reliable source. On the Internet there are databases that compare these amounts and are quite faithful to reality.
Once you have this information, multiply the average price by the number of square metres in your property. Buyers tend to carefully consider this information in order to rule properties out.
Valuation by an expert estate agent in Cumbre del Sol
If you need an official valuation document, you’ll have to contract the services of a professional. Official valuations are performed by authorised estate agents or assessors. In addition to much of the information we’ve already presented, these professionals analyse other more subjective aspects of the property. More often than not, property owners are not aware of certain details, meaning that this process is indeed very valuable.
On the other hand, as specialists in the local property market, they can make predictions regarding the property’s success or how long it will take to sell. During the house visit, they will be able to explain certain features that can increase or decrease its value.
What influences the price of a property?
The best piece of advice when it comes to selling your house in Cumbre del Sol is to take your time. This way, you can choose the best moment to do it. The state of the economy, inflation, or loan options that are available can greatly influence the process as well as the price you set for your property.
What’s more, statistically speaking, buildings tend to decrease in value over time, while land tends to go up. Therefore, in order to increase the price of a property, it is essential to both know how to highlight its assets in the offer as well as to renovate it. The trick is to control the costs of the renovation work, in such a way that you make a profit when selling it as new.
Ultimately, this is a short guide on property valuation in Cumbre del Sol. It will help you get an idea about your property’s value before posting the offer. Keep in mind that aspects such as location, whether it has additional assets (like a garden or a pool), and the price of similar properties in the area are of the utmost importance. In any case, the official document, which is necessary for the buying and selling process, will have to be provided by a property specialist. Come and see us for more information!