How to check market value of property?

Knowing the property's true market value is crucial when you're trying to purchase it to avoid being taken advantage of by the seller. This also holds true if you're a seller looking to sell your home. You should know the property's accurate market value ‌as well in order to generate profitable returns. To know how to check market value of property, you can follow these steps.

• Online Property Valuation Tools: You can check online. There are several property valuation tools where you can find the value. All you need to do is enter details such as property type, location, size, number of bedrooms, and other relevant information to get an estimate.

• Consulting a local real estate agent can provide you with a professional assessment of your property's market value. They have access to recent sales data and market trends.

• Comparative Market Analysis (CMA) involves comparing your property with similar properties in the same area that have recently sold. Factors like location, size, condition, and amenities are considered.

• Local Government Records: Checking property tax assessments and local government records can also give you an idea of the property's market value.

You can hire a professional from NoBroker to get an accurate market value. I hope you understand how to check the market value of a property.

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As you want to know how to check current market value of property, let me tell you that checking the market value of a property is essential for buyers and sellers to make informed decisions. The market value indicates the price a property may fetch in the current market.

How to Check the Market Value of a Property?

• Use the Government Portal: Most states in India offer official portals to check the circle rate or guideline value, providing a good baseline for property values. 

• Consult a Real Estate Websites: Real estate websites can offer a more accurate market value based on recent area transactions, providing insights into current trends and demand. These websites display market trends. You can filter results by property type, size, and location to compare similar listings. Real estate websites like NoBroker help in providing the guidance value of a property by the due diligence done by their legal advocates. 

• Analyse Comparable Sales (Comps): Review recently sold comparable properties to establish a benchmark for your property's value based on size, age, and condition.

• Seek Professional Valuation: For a precise market value, consider hiring a registered property valuer, who will provide a detailed valuation report based on various factors.

By employing these methods, you can accurately determine a property’s market value, aiding in your buying or selling decisions.

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Whenever I go to inquire about the property rates, they are already slightly higher than they were previously and I always feel like I missed a chance the last time. The urban areas of our country are experiencing a significant increase in property values. However, the value of land has remained stable for years in many locations. A variety of factors influence the land's market value. They mostly include the land's location, size, shape, and level, as well as the rules that go with it. Let me explain how to find the market value of a property.

How to check value of property?

The lowest price at which a piece of land or other property in a given neighbourhood can be purchased is known as the market value. The minimum amount a property must be registered for, as determined by the state government, is this amount.

You can sell the property at whatever price you want. In no situation might a purchaser at any point persuade him to sell at the public authority decided market worth of the property.

A property can still be registered at the government's guiding value if you can acquire it for less than its market value. As a result, you will be required to pay property taxes based on the property's current market value.

You will be required to register the property and pay taxes on it at the full market value if you purchase it for more than the market value.

How can I do property market value check?

The following are the determinants of a property’s market value.

• Setting, location and neighbourhood

• The level of construction and materials used

• The age of the house

You probably comprehended how to find the market value of a property.

When you are thinking about purchasing a property it is necessary to know the correct value of the property. By knowing the market value of the property you will be able to understand if the seller is trying to exploit you. You should also learn about how to check market value of property in order to get good returns when you are selling the property. 

How to check market value of land?

Basically, there are three important kinds of property valuation methods

1. Sales Comparable Method

This method is also known as the fair market value method. This process is used to calculate the rate of a ready to move apartment. To calculate the fair market value you need to know the price of neighbouring properties. At the same time, calculate the area per square feet of the raw property. 

Rate( Rs./ sq.ft)= 72000000/ 1800 = Rs 4000 per sq.ft.

Now you need to think about the amenities if you are wondering how to check the market value of a property. You need to take various factors into consideration such as bus stop, metro station, park, the floor of the property. Again if you are selling a furnished property, you can increase the price than the unfurnished or semi-furnished flats. The price of the property will be more if it is Vastu compliant.

1. Land and building valuation

This process is needed to calculate the value of a property under construction. Here is the formula:

Capitalized value = net income x  year's purchase value

1. value = 10/100 = 100/10 = 10

Capitalized value = 10,000 x 10 = Rs. 1,00,000/-.

The price of a building varies due to the quality of the raw materials used in the construction process. 

1. Rental Valuation Method:

Another method of how to check market value of house for rental purposes would be the rental valuation method. This method is used for renting out commercial properties and rental properties. 

The formula of rental valuation method is  ( 30000 multiplied by 12/ 1cr = 3.6%)

These are the most important valuation method to get an estimation on market value of property.

I hope you like my answer.

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