Much property in India is sold on the secondary market. Households lucky enough to have their own house, can, if they so choose, sell their property to willing buyers. A fair price for a piece of real estate in India that you wish to sell is not necessarily the same as the price you paid for a property or the additional sum you spent renovating it. In reality, a fair price for your house is simply the value a buyer is willing to pay for your house. Real estate sites in India list properties in numerous localities across the country and by visiting such sites, someone considering selling property can gain a fair idea of how much his or her property, if sold, is likely to fetch.
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Understanding Market Value
To put is simply, the market value of a house is what the house could be sold for under normal market conditions. So for instance, if a property is sold due to unforeseen circumstances such as the death of family member, a sudden need to relocate, or any other emergency which may compel a seller to accept a low price, then such a sale would be regarded to have occurred in the absence of normal market conditions. Realestate in India that is sold under such circumstances is generally disposed of at a price lower than that commanded by the market.
What Impacts Market Value
Numerous factors have an impact on the market value of a property in India. Three such factors are known as
- Curb Appeal
The curb appeal of a property is the appearance of a property from outside or from the curb.
- Internal Elements
These include factor such as the size of the property, the quality of construction, the number of rooms and whether the house is furnished or unfurnished. The condition of appliances inside the home also has an impact on the market value of a property in India.
The biggest driver behind the price of a property is the location of the concerned home. A house in a well-developed and friendly neighbourhood is likely to command a higher market value than a property in a less developed neighbourhood.
How to Assess Market Value of Your Property?
When faced with the task of selling your property in India, the location of the property and the neighbourhood in which it is located is the starting point for sellers. Another factor such as the price at which other properties nearby were sold during the past three months is another gauge of how valuable a home is. Lastly, comparisons with other properties in the neighbourhood should be made and if your property has more amenities and facilities than such properties, then its market value should be regarded to be higher. Real estate websites are another useful tool to use when calculating the market value of your property since they have listings from numerous sellers across the country.