Know Your Value: What Criteria Do Agents Use When Valuing Property?
Everyone wants to get their property’s maximum value when selling. However, listing property at the right price is crucial; an overpriced place might put off potential buyers before they’ve even stepped inside, which could result in a long wait before any offers come in. Therefore, when valuing a property, agents must take into account a whole range of factors, which together hold the key to its market value. So how do they arrive at the price they do? Frank Salt Real Estate – experts in property in Malta – breaks it down. Boom.
Is it a sought-after area or perhaps an up-and-coming one? What’s the immediate neighbourhood like? Is the property on a well-maintained street, a congested main road, or in a quiet alleyway? Without a doubt, one of the factors which holds the most weight when valuing a property is its location. Of course, another thing that really cranks the price up is having unobstructed views of the sea or countryside.
Once inside, agents valuing the property also take into consideration how spacious it is, its layout, and how many bedrooms it has. The number of bathrooms in a space has also become increasingly important, so even a small en-suite in the guest bedroom can add value.
The Great Outdoors
In a country where outdoor areas are a luxury, having a property in Malta with a garden, sizeable courtyard or roof garden is a big plus, and therefore, increases the property’s value significantly.
Something Old, Something New…
Whether luxury additions such as pools and attractive landscaping, any improvements that have been made will increase the value of the property. In the case of farmhouses and houses of character, simply keeping original features such as fireplaces and wooden beams can add significant value to a home.
Property in Malta can come with ground rent – some which may be redeemed and some which can’t – and this obliges the acquirer to pay the annual specified sum of money, and possibly adhere to certain conditions which may restrict what they may or may not do with the property.
Another criterion that will factor in the property’s value is the potential of the space. That includes whether there’s the opportunity for another floor to be built, space for extension, and if there are permits in hand to modify the property. Even if the place has been neglected for a while, potential buyers on a budget looking for a fixer-upper will be attracted to it as long as it has potential.
Have Your Property in Malta Valued with One of Our Agents
Valuing property isn’t a total lottery. An experienced estate agent will be mentally ticking the boxes as they tour your property and its surroundings. If you have a property you’d like to have valued, contact us now; our knowledgeable and well-trained team can guide you accordingly.
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