Currently, the price of land in the real estate market fluctuates, plus the land in different areas will have different prices. Therefore, investors who want to do good business, need to know how to value real estate accurately.
What is a real estate appraisal?
Real estate valuation is the use of methods and tools to determine the price of a particular property at a specified time. Currently, there are two ways to determine the land price:
- Determining the price of state land
– Determine the price of land according to the current market
How to value real estate?
1. Location-based identification
When self-appraisal, you first need to pay attention to where your land plot is located: which district, district or area, is it located in the front or in the alley, in the main alley or side alley, ... All of these factors affect the value of real estate. If the land is located in front of the street, crowded houses, convenient traffic, it has high business value, so the land price will also be higher in the long run than the price of land in the alley.
In addition, you also have to determine the surrounding utilities, in the future, how the area will develop in the future. The more specific and detailed you zoning, the easier and more accurate the real estate appraisal becomes.
2. Determined through the land price list
Although the actual land price on the market today when transacting, it no longer matches the land price list in each area because the actual price always changes over time and depends on many different factors. However, you should also take a look at the price list set by the state, specifically by the provincial Peoples Committee to understand the difference in housing prices between districts so that you can determine a reasonable price. more reasonable or you can refer to the land price list based on the market.
3. Survey and compare prices of land plots in the same area
Another method of determining housing prices is also very effective that is determined through similar real estate, that is, you should consult, learn and compare the prices of houses in the surrounding area to see if they are suitable or not. are not. You should ask people around for specific prices and should refer to at least 3 properties in the surrounding area.
4. Determined by soil classification
In addition to the above price determination methods, one point you need to pay attention to is to determine what type of land you intend to buy? Residential land, agricultural land, non-agricultural land or any other type of land. In addition, you also need to determine if the geology of that plot of land is strong or weak and feng shui, house direction, water source, etc.
5. Identification through brokerage
To save time and effort, you can spend a little bit of money to get support and advice to determine the price of the land you want to buy through a broker if you do not want to self-appraisal. Brokers are usually experienced people who accurately assess the market and price, so they will make the most accurate and quick judgments.
Using a real estate appraisal broker also gives you the opportunity to learn more about other suitable properties, thereby helping you to have more options.
6. Have the bank appraised
In case you buy and sell a lot of land with a great value and need the most accurate valuation compared to the market, you can rely on todays real estate appraisal services. Most banks have a land appraisal service or you can hire a private appraisal service outside. You can be completely assured of the accuracy of the price of the land you intend to buy. However, if you ask the bank for an appraisal, it can take a lot of time and procedures for the appraisal process, making you easy to lose opportunities.
