Steps to Selling Your Home at the Right Price

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A Guide on Property Valuation

Welcome to the Junaid Iqbal Memon blog. Here you can find the latest news, updates, and trends in the property market. Junaid is the founder of the Cloud 9 Group. Established in 2014, the company became his first venture into the real estate and property development market. To date, he has not only successfully completed a number of residential properties, he also manages and owns a number of businesses in Dubai and London.

You know what you paid for when you purchased your home. You will likely have successfully tracked how much you have since spent on it as well. However, the property market in London has been on such a roller coaster for the past 10 years that it makes it a little too hard to assess what a suitable asking price is going to be. The resulting figure should not only involve the presence state of the property market, as well as such factors as the condition of the property, its location, as well as the demand level for such a property as well.

There are a lot of investors that would want to just go ahead and try their luck. However, overhauling a property is often a very common mistake that many people make which can cost any vendor quite dearly. When homes are deemed as overpriced, it is easy to get overlooked by prospects and it is likely going to end up sitting on the market for far longer. When the price listing is inflated, it can also cause other comparable homes to look like bargains when in actuality, they are priced correctly. Getting your properties overpriced is only likely going to help you sell the homes of your neighbours, but not yours.

There is no such thing as an exact science when it comes to property valuation. But if you are planning on selling your home soon, there are steps that you can take to ensure that you can get it sold at the best price.

Take note of sales prices where you are

Find out what the sales prices are where you are and concentrate on the more recent figures. Details such as these are often available on many property websites. This should give you an up-to-date idea o f the present state of the local market. Do focus on selling prices and try to avoid the asking prices as most of the time, they tend to be quite inflated.

Know about price differentials

Never assume that you will also get the same price as that of your neighbor’s home. This is especially true in London where pricing is not only volatile, it is capricious too. It is quite possible for homes to sit side by side together while being valued for significantly differing amounts.

Location premiums

Houses that are located close to reputable schools or transport hubs are likely to sell at a premium price. If these are units that are in great shape or have certain specifications as in the case of engineered wood floors or sash windows, it is possible for them to get the highest local ceiling prices.

Extensions

If you have invested in improving or renovating your property, then you can expect some of that money back. This is especially true for floor space additions. You just have to be sure though that improvement is not overdone or they are likely to work against you.

Watch the video below to learn more.

Do shop around for valuations to get the best offer possible. Get to know more tips on property valuations and effective property developments at the Junaid Iqbal Memon blog. You can also like the Junaid Iqbal Memon Facebook page.

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