How to Determine the Value of your Real Estate Property
Wondering how to determine the price of your property? This is often a tough decision to make for many home sellers because you would not want to overprice your property or underprice it.
Babra Adhiambo
Well here is a guide to help you make an informed choice.
a)Online Listings
When Covid-19 struck the nation, almost all sectors of the economy including real estate were affected and most companies shifted to conducting their businesses using the digital platforms.
Other property owners were conducting virtual property tours, advertising to their clients and even making payments.
Therefore consider checking the legit online listing, more often than not homes are listed on more than one website. After the home is sold, real estate brokers often add the sale price. You can use this as a guide in determining the price range for your property, depending on the market's demand at the time.
b)Tax Information
Real Estate is a business just like any other. Most governments have imposed taxes on most businesses that their citizens carry out. Now based on the tax rate that would apply for your property, you can use tax information to help you in calculating the sales price.
In a recent report, the Kenya Revenue Authority reminded all leasehold owners of their duty to annually pay land rent as stipulated under Lands Act Section 28.
c)Newspapers and Property Shows
Watch property shows like The Property Show with Nancy (KTN home). Such shows can guide you. Also, Local newspapers on Real Estate such as Home and Away can be a good source for such.
d)Work with an Expert
Working with an agent will help you in determining the price of your property. Professional real estate agents will give you detailed information that will help you decide the property's price. They have access to a Multiple Listing Services database of houses on sale that you cannot easily access online and with this, they are able to run a correct comparative Market Analysis (CMA).
An expert will visit your property, and look at the unique features that the property has, landscaping upgrades that you have made to it, space/size and guide you accordingly.
