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The price in the sales process is essential for the transaction to be successful.
If the asking price is set too high, there will be no buyers, and it will take longer to sell. On the other hand, if the property is priced too low, it may sell more quickly, but the transaction will yield less profit.
Ways to calculate the selling price of a home
Calculating the right price for selling a home can be done in several ways, with online tools and professionals being the most commonly used.
Online price calculator
There are online tools for home valuations. Using any of them, you can obtain a free property valuation based on transaction and real estate agency data.
It’s quick and easy to use. All you have to do is enter the address and property information.
Hire a professional
One way to get a more accurate property appraisal is to hire a professional who can do it with their knowledge, experience, and specialized tools.
A property appraisal is usually performed whenever the buyer needs a mortgage, although it entails costs for the person applying.
Do it yourself
You can analyze the prices of similar homes offered in the area and the positive or negative factors your property has compared to others.
Without being influenced by emotional or sentimental factors and without incurring any costs, you will be able to set a price for the sale of the home.
Factors that influence the price of a home
The price of a property can vary depending on various factors.
Location
The area in which a property is located is a fundamental factor when valuing a property.
The location is key not only because of its location, but also because of its proximity to schools, hospitals and health centers, playgrounds, shopping and leisure centers, and sports facilities.
When it comes to location, the province will first influence the value, then we’ll go down to the district level, and from there, to the neighborhood. Within the neighborhood, the exact street and specific building will need to be taken into account.
Property typology
The type of home we are going to sell will significantly influence the price.
There are different types of housing: single-family, semi-detached, terraced, block, and block, and the supply and demand for each of them can be quite different.
If there is a high demand for a certain type of housing in an area and a shortage of supply, prices will tend to rise, regardless of its characteristics.
Energy Efficiency
Buildings are responsible for a large portion of CO2 emissions.
European regulations have set environmental objectives related to this element.
Therefore, homes that are more efficient can see this characteristic reflected in an increase in their sales value.
The energy efficiency of a property is reflected in the Energy Efficiency Certificate, which, in addition to objectively describing and rating the property’s characteristics, provides information on the level of expenditure a homeowner will have to incur to enjoy a certain level of comfort in their home.
Orientation
The orientation of a home directly influences its energy consumption.
It’s not the same whether a home faces north or south, because it will be affected differently by the incidence of sunlight, lighting, and ventilation, key factors that directly impact how we use air conditioning or heating.
The outdoor areas
Although outdoor areas have always been valued, they have gained prominence since COVID.
Outdoor areas are given greater importance in regions with good weather, as they can be enjoyed for extended periods of time.
Outdoor spaces improve the quality of life by allowing for leisure and relaxation activities. Homes with outdoor spaces allow for additional uses beyond the usual, with dedicated areas for relaxation, and they significantly increase the value of a home.
In a garden, the elements that give it the most value are the size and the quality and maintenance of the facilities it has, such as swimming pools, sports areas, play areas and playgrounds, solariums, gazebos, barbecues, meadows and groves. The selling price of a home is extremely important and can be calculated in several ways: through online tools, through professionals, or by doing it yourself. In addition, there are factors that increase the property’s value, such as the type of property, its location, its orientation, and the outdoor areas.
Further information
This article is part of our service Real Estate Lawyer in Spain. Visit this section where you will find all the useful information on this topic, including a complete guide on How to buy a house in Spain.
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