When we seek to know the price of a property, we can find different appraisal services and online valuers. Both for owners who want to sell, as for those looking to buy first or second home in Fuerteventura, delimit the budget for sale or purchase, is the first step in the buying and selling process.
Home price reports and appraisals
As a basis for setting the starting price of a real estate property on the local market, they are valid, since they reflect several essential elements of the property, such as location, surface area, characteristics, state of conservation,…
With this information, house price reports or comparative market analysis (ACM) can be created, with data from real estate portals such as idealista or fotocasa, the INE, the Association of Registrars, and the Notary Offices.
Keep in mind that real estate portals only offer information on the price for which you want to sell, not the final price for which they end up selling.
But these automatic valuations fall short, because to extract the price, an expert has not gone to visit the house, nor does he check its natural light, its views, its distribution, the smells, the interior and exterior noises, or how are the finishes and the quality of the materials, elements that can increase or reduce the value of the house.
Beyond real estate valuation
The real estate companies specializing in Fuerteventura such as Destiny Home, use the property data to carry out a detailed analysis, including comparison with other similar properties that have recently been sold in the same area.
In addition to access to official data on processed sales, internal data on transactions with clients is consulted, as well as commercial activity with properties that have not yet been sold.
This analysis of the price of a home includes:
- The time it takes from the time the property is put on the market until the first visit is made, the first offer is received, it is accepted, the earnest money and purchase and sale contracts are formalized and the public deed is registered at the notary’s office.
- state of conservation of the building, the dwelling and the surroundings,
- existence of reforms or improvements to the property, which increase its value,
- problems with neighbors, such as debts or cohabitation conflicts,
- proximity to services and elements that influence habitability: being able to walk or cycle to health, shopping or leisure centers, or not having mobile antennas nearby, affect the quality of life desired by the future buyer,
- common elements and annexes, such as community swimming pool, green areas and playgrounds, gym, storage rooms, bicycle room,
- fees and costs of payments, monthly amounts and the need for repairs or construction work by the community of neighbors
- orientation and luminosity of the property,
- level of demand and supply in the area, to evaluate the difference and its effect on the prices of homes that have come on the market, whether they will appreciate in value or lose value over time.
And more factors of a more personal and subjective nature, such as distribution, decoration (if the furniture is kept), smells, colors of walls, floors and ceilings,…
If you want to know how much your house is worth in Fuerteventura taking into account all the variables that can go into the valuation formula and get an accurate price that allows you to obtain a safe and profitable sale, you can contact the Destiny Home team.
In other words, there are multiple actors that modify the estimated price of a property, which are not included in the online valuations, but not even in the official appraisals.
Adjusting to the right price for housing
The ideal complement to get to know the real and effective selling price of the property in the market, is the real estate consultant, who knows all the data and factors, to be able to evaluate them with his knowledge and experience in the local real estate market.
To avoid making a mistake by setting a price outside of what the market can absorb, it is advisable to start a valuation process, with the help of the online home simulators, such as Destiny Home in Fuerteventura such as Destiny Home in Fuerteventura, and then, on that basis, have a real estate expert analyze the area, the building and the property in person, to take note of more data and evaluate the context as broadly as possible.
The experience in real estate transactions, together with the online valuation and the information gathered in the on-site visit, allow the advisor to prepare a market report, which indicates the appropriate price for the sale of the property.
This fair sale price, makes the interested parties request to visit the property and present the best offer, in order to get the property.
