Next year home sales will increase by 6.5% and the price of the houses will grow by 3.5%, according to recent studies about the real state market. It is also expected that the sale of houses will reach more than 475,000 operations despite the moderation of economic growth. Catalonia, along with Madrid and the Balearic Islands will be at the head of these real estate transactions.
The data, as we see, appear favorable to sell your house in 2017, but, do you know how much is the value of your house? Do you know how the value of your house is calculated? On average, the real estate market has experienced a drop around 40% since the beginning of the crisis in 2008 so it is likely that the apartment you bought in Barcelona ten years ago does not cost the same. Nevertheless, this is not certain: prices have started to rise and, as we announced at the beginning of this post, it is expected that next year the price rising continues.
So, just in case, we wanted to talk about the house pricing. A good way to know the real value of your property is to make an appraisal that will help you determine for sure what price a buyer would be willing to pay, depending on the supply and demand at the moment. The appraiser, in addition to visiting the property and examine the characteristics of housing, will compare your house with other similar in the area and he or she will calculate its value based on the options.
What factors influence the value of a home?
We could summarize our answer by saying that all the details surrounding a house determine its value, starting with the most obvious as the square footage, the number of bedrooms and bathrooms, the age of the house, the conservation status, whether the building has elevator or not, the materials, and continuing with those that are also decisive when calculating the value of your flat such as the area in which it is located, the quality of the environment, if there is commercial activity near, if it has landscaped areas, sports equipment, near public transportation lines, if there is noise pollution … No less important are flooring materials and walls, doors and windows, lighting, if there is a terrace, and the year of the last reform.
There are aspects such as energy efficiency, which while often give more value to the house, it is not so decisive when buying a home in Spain because for now there is not much awareness in society. The orientation and the views of the house don’t seem to be very important in some cities, but they are crucial in others, like Barcelona, were living near the sea or in a penthouse with terrace are the most popular and therefore the most highly valued.
If the house has been renovated, contrary to what one might think, does not increase so much the value of the house because, as experts say, the renovation of the house could reduce its versatility. The question then arise: What could increase the value of a house in cities like Barcelona?
Real estate portals and business data analysis conduct with a certain periodicity statistical reports on items that increase or reduce the price of housing. We can know, then, that in some neighborhoods of large cities such as Barcelona, not having a lift devalues the price between 20% and 40%, according to Urban Data Analytics (UDA). Having near a subway station or a bus stop is favorable for the houses that are located far from the downtown. Also houses near a school tend to be a little more expensive than those that are further away.
As you can see, there are many factors that determine the value of your house and it is important that you have all considered. In Casc Antic BCN we can help you to sell your flat and, among other services, we offer:
- Professional advice to assess your property: Valuation date market, free and without obligation.
- Professional advice for the sale of your property: how to obtain the Certificate of Habitability, how to obtain the Certificate of Habitability according to Article 132a of the Llei 18/2007; how to obtain the energy performance certificate.
In addition, we are the only real estate agency in Barcelona specialized in the old town. It is very common to see many buildings of the old town of Barcelona managed by other estate agencies that are not specialized in this area. Not knowing the neighborhood and its streets can hurt the sales management attracting the wrong buyer. Do not risk your investment. Trust specialized professionals.
