How to know the property value in Pune?
Buying property is not like buying food or electronics or other goods or services. Properties do not have a fixed price tag, and they have no fixed value for that matter. Their values, like stocks, are constantly shifting based on what buyers are willing to pay for. However, value and price in real estate are not always the same thing.
Here a house's value is determined by comparing the prices in the neighborhood of other similar houses. In residential properties, this approach is most widely used. For comparable properties, the buyer collects relevant data. Assets are classified with similar characteristics such as scale, place, weather, construction regulations, neighborhood, and utility.
First, the average rate per unit area where the same properties were sold in the neighborhood is found. It is then multiplied by the property's real area. Any potential faults or advantages in the property are also taken into consideration. While this is a clear contrast, it may be difficult to find similar properties in the area that have been recently sold.
Comparative Method:
Step 1:
Calculate the total area of your property; if you don't have area or price information, contact the owner/broker to ask. To order to improve your accuracy, try to gather details about as many properties as possible.
Step 2:
Comparing property values of similar properties from the latest sales figures in the market to do a capital value for properties and rental yield. The prices may be lower or higher than the real value.
Select average price per sq.ft. according to your area/locality. If your property has more features like more bathrooms, more bedrooms, well furnished as compared to other you can increment selling rate according to features.
Example,
- Beneficial sign to your property:
- If your property has facilities like lift, Gym, Clubhouse, Kid's play area, school, college etc it is beneficial to you so you can increment the charges as compare to other similar properties that don’t have facilities like you.
- In pune or other city who has Municipal Corporation that is also beneficial to you.
- If Your property is near metro station,bus stop ,market or mall.
- Unprofitable signs to your property:
- If you property is more than 25+ year old incase of house/Flat then that also effect on your property value.
- If your property is not ready to move then it affect your property value.
Step 3:
Take an average selling rate(Rs/sqft) of your property and multiply that by your total area.
Example,
Your calculated selling rate is Rs. 3,825/sq.ft. and your total area is 600 sq.ft.
Property value= selling rate X total area
Property value= RS. 3,825 X 600 =Rs .22,95,000 =Rs. 22.95 Lac
Step 4:
Compare your property value with other properties according to your property location and specifications in our website(PropReader.com).
See Also: Property Valuation In Details