Previously, I posted a quiz to test how well you can price a house for sale given only a picture representation. From the results, I found out a good number answered most of the questions right while a few others performed below average. You may try the test out here.
Anyways, you need to be informed that getting 100% score in the test doesn’t make you good at pricing a house for sale. There are other crucial factors to consider when determining the buying or selling price of a house; location, product and timing. I have listed out the 3 factors in details below.
Without much ado, houses located on the Island area of Lagos are known to be more expensive because of the associated luxury apartments in the area. So, it’s possible to find a 3 bedroom apartment for sale within Ikoyi but find out the price is double that of a similarly designed house on the mainland.
When it comes to real estate, ‘product’ refers to the entire feature a property. Property valuers value a house by beginning with a detailed physical inspection of the main ‘bones of the house; examining the roof, the boiler, the bathrooms and the kitchen — everything from front door to back, from floor to ceiling — all to get a feel for the condition of the home.
So, mere looking at pictures wouldn’t help you price a house right and that’s the reason you need to book an inspection after viewing such property online.
Just like in other product markets, the time factor has a big role to play in determining how much a house should go for. The cost of a duplex today is expected to be higher than it was in the 90s. One reason for this is that as time goes by, modern materials are used in a building. For instance, the following picture says more.
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Have you got any other factor to suggest? Feel free to share in the comment section below.