The Nigerian real estate market is dynamic and this is a good thing, but keeping up with the change can be real work especially when you want to buy or sell a property.
Whether you are moving to a new home or selling your house knowing the value of your home is definitely going to be a top priority. So how do you know for sure, the market value of your home? Well, it is as easy as 1-2-3. 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. Plus, the value is likely to change over time.
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Now let’s explore ways to determine the market value of your home.
Factors affecting the value
Determining your property value in Nigeria is not science, you just need to consider certain factors before you place a figure on your house.
Location is an important factor as the demand for homes in some certain locations as significantly affected the value of homes in those areas and how much the houses sell for.
2. 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.
3. 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.
4. 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.
5. 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.
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Survey the landscape
To be able to further determine the market value of your property, have a view of homes that moving and shaking near you, Pay attention to these two things:
1. Current listings
Having a peek at the homes currently on the market around you and how they are priced can give you an idea of the real estate price estimate in your area. Just keep in mind that current listings generally reflect what sellers hope to bank from the sale and not necessarily what buyers will pay.
2. Recently sold homes
Completed sales in your area can give you an insight into the current market conditions. If they’ve fetched healthy prices over the past six months, it might be a great time to break out the For Sale sign.
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The best way to determine the price of your home is a pro. Real estate agents in Nigeria will be able to help you determine the price of your property as they don’t pull stale information from the shelf. They will be able to compare your property’s with recent deals and current listings also an experienced agent will know how to weigh in all the factors and the condition of your home to determine a competitive price for your home.No computer can do that. Yet your success as a seller rides on it.