Calculate how much your property is worth with this straightforward guide.
As property increasingly becomes a valued asset in Vietnam, how much it is worth is vital. You want to make sure that sure your condominium investment is profitable. That it is generating a healthy rental yield. Therefore you may want to work out how much it is worth in order to manage your assets wisely. If so, then consider these different ways to calculate its value.
1. Ask the experts.
Real estate agents are the eyes and ears on what is happening in the market. Call on their expertise in order to give you a market appraisal of your property. It is recommend to get at least three valuations in order to help work out what your property is worth. Work out the average if there is a discrepancy between them. Remember that some agents may overvalue your property in order to win your business. It is easy to be lured by the highest figure but essentially a property is worth what someone will pay for it. Therefore if one agent is widely higher than the other agents, then ask them how they have reached this figure. This is also your opportunity to ask the agents whether people are offering at asking price or if not, what percentage lower.
2. Research to collect comparable evidence.
There is no better way to see what is going in the market than looking at actual transactions. Have a browse through Dot Property to gauge the marketing price of other similar properties. Remember to compare like for like. If prices vary in the same building, take time to see why this is. Is it because it has a better view? Higher ceilings? A better layout? Or an extra bathroom? Take into account that some properties will be marketed at higher value as the owner may not be in a hurry to sell and likewise a cheaper property maybe because the owner need to offload their stock immediately. Chat with your management team or your neighbours to get an idea as to what is going on.
3. Calculate per square metre.
The value of many properties are calculated on a per square metre basis. This is one way to accurately work out how much your property is worth. Most agents will know what this figure is and you can quickly work out for your property by multiplying it with the floor area.
