Data and technology, today, allow new apartment buyers to know how to calculate the value of a property in British Columbia, specifically, the one they are interested in buying objectively and based on certain characteristics, such as:
- The environment in which the property is located
- The construction
- The amenities
- Building materials and more.
When making a real estate investment to buy your own apartment, it is necessary to take into account several factors that will help you have the data ready, and thus measure the price of the apartment you are looking at.
It is important to know how much the property you want costs and compare its value with other apartments in the area; this will help you to know how the real estate market fluctuates.
Secondly, it is just as important to undertake the valuation of a property on your own initiative, this can give you guarantees and will make you more knowledgeable about the real estate market; In addition, you will avoid future risks and problems with misunderstandings or poorly carried out procedures or buying a property in a hurry.
Before reading the following process to give you an idea of the price of your apartment, you may be interested in learning about the profitability of property in British Columbia:
What influences the valuation of a property on plans?
There are several factors, both internal and external, that allow the appreciation of an apartment over plans over time. Such as:
The acceptance and prestige that the project collects in the real estate market. If the units needed to begin construction are sold quickly, their valuation will be reflected more quickly. In addition, it is well known that the price of the property increases when construction work begins.
The valuation of the real estate project is also influenced by luxury amenities or common areas such as play areas or meeting rooms, swimming pools, BBQ areas, gym, and more.
Data that you must collect to carry out the real estate appraisal of your new apartment
Take these aspects into account, first of all, so that you have an idea of the exact data that will help you calculate the price of the apartment you want to acquire:
- What type of property do you want to buy?
- The area that includes the property
- Your socioeconomic status
- The floor number
- Number of bathrooms
- Number of rooms registered in plans
- Parking lot
- If it is an intelligent building (offices), residential or mixed
- If you have a warehouse or useful room
- Interior view
- Outside view
- City views
- Views of parks
- Access to the main roads of the sector
- Structural advantages
- Construction materials
- Amenities or common areas
Tips on how to calculate the value of a property in British Columbia
These tips can help you carry out the real estate appraisal of the apartment you want to buy:
- Study the prices of real estate for sale near the area of the apartment you want to buy.
- Look at several properties in the sector as a reference. This is so that your calculation can reflect reality as closely as possible.
- Classify the properties and categorize those that most closely resemble your property.
- Divide the price of each property by its area and you will be able to obtain the value per square meter.
- Add up the prices you got and divide by the number of properties you used in the exercise.
- The result you obtain can allow you to use it as a reference to know the price of a property in the country and be sure of the price of the apartment you want to buy.
Now, it is very important to have identified the following points that will help you know how to calculate the value of a property in British Columbia. You need solid arguments that can support the figure in question.
- Is it a ready-to-release property?
- Are you in an area with high demand or low interest?
- Does it have luxury finishes?
After having all these aspects fully identified and having obtained an exact figure that can help you understand how the real estate market fluctuates in the country, you will be able to define a figure with which you will be able to know if the property in which you are interested costs exactly the price offered.
Now that you know how to calculate the value of a property in British Columbia, carry out this exercise judiciously and go ahead and buy a new apartment!