Knowing the value of your house is of paramount importance when you are selling your house. So how do you determine the market value of your home? Well, it is as simple as A-B-C. Before we dig into the steps, let’s take a moment to define true market value. In a nutshell, market value is what buyers are willing to pay for your home. You need to know that there are various factors that will influence how much your house is worth today, and the value is likely to change over time. Now let’s explore ways to determine the market value of your home.
Location is an important factor as the demand for homes in some certain locations has significantly affected the value of homes in those areas and how much the houses sell for.
- The size and layout of the house
The size and layout of the home also matter as the estimation of a 5 bedroom duplex won’t be the same as a 3 bedroom bungalow. The land size is also something that needs to be considered.
- Crime rates
This is one of the biggest concerns for many movers. Certain areas in Abuja like Maitama and Asokoro are regarded as some of the safest areas in Nigeria and this significantly affects the price of real estate in the area.
- Flood risk
Flooding can cause serious damage to homes and if your property is at risk of flooding, home buyers might not be willing to pay a lot for it.
- Local amenities
Locations in Nigeria with local amenities like good electricity, drainage systems, good roads and the likes grab buyers attention as opposed to homes in underdeveloped areas.