Have you made the decision to sell, but are unsure how to value your property in Warsaw? This is one of the first and key issues to consider when selling a flat or house. Determining the right offer price can be a decisive factor in how long the sale will last. The price should not be too high, the real time to find a buyer can increase significantly, nor should it be too low so that you as the seller do not lose out on the transaction.
When working with Unikat to broker the sale or rental of a property, we will suggest the amount of the offer price as well as the price range in which we anticipate the transaction. However, it is worth remembering that there are many criteria that influence the value of a property and that, in most cases, the offer price is not always equal to the transaction price.
When valuing a property in Warsaw, it is worth noting that the value and price of a property are two different concepts. Market value can be defined as: “the estimated amount that, at the date of valuation, can be obtained for a property in an arm’s length sale transaction between a buyer and seller”. So, what is the difference between price and value? The prices we see on the market are often the result of market participants making decisions due to various reasons, often influenced by exigent circumstances. It is worth noting that they do not always reflect the true value of the property. Indeed, they are not the result of typical conditions and behaviours that would lead to a market value – i.e. the most likely one.
When determining the offer price of a flat or house for sale, we can use a comparison with the market prices of other similar properties in the area. The analysis can take into account similar parameters such as location, area or state of finish. However, an accurate estimate can be a challenge, as the prices shown in adverts on industry platforms can differ significantly from the final transaction prices. At times, listing prices are deliberately inflated, taking into account the possibility of negotiating the price with a potential buyer. The price is most influenced by factors such as the location, infrastructure and communication surrounding the property, the area and layout of the rooms and the standard of finish. However, it is worth remembering that the price may also depend on the owner’s individual life circumstances and financial expectations.
In order to obtain a reliable valuation of real estate in Warsaw, it is worth using the services of a professional valuer. The valuer prepares a valuation of the property in the form of a detailed report, called an appraisal report, in accordance with the law and applicable professional standards for valuers. The appraisal report will include information on the parameters of the property, the purpose of the valuation, sources of information, an analysis of the local market, a description of the technical condition and the valuation method used. If, in preparation for the sale of your property, you would like to know the value of your property, Unikat cooperates with a valuer who can prepare such a valuation for you. However, this involves additional costs of several hundred to several thousand zloty, depending on the type of property.
The necessary documents needed to carry out the valuation of the property will be determined by the valuer on an individual basis with the owner, taking into account the specifics of the property, the purpose and scope of the valuation. Basic documents that may be required include, but are not limited to: a current copy of the Land and Mortgage Register, an extract from the land register, a notarial deed or other document confirming rights to the property (e.g. court decision, donation agreement), a decision on allocation of premises and technical documentation of the building.
Often the free market determines the actual value of a property, in particular how much a potential buyer is prepared to pay for a property and what offer the seller is willing to accept. Personal circumstances sometimes result in a buyer being prepared to pay a higher amount because the property meets all their requirements. If you, as the seller, are keen to sell quickly, it is worth setting a minimum amount that you are willing to accept if an offer were on the table today.
Remember that determining the value of a flat or house is only one of the first stages of the sales process. In order to effectively bring the transaction to a buyer and achieve a price that is satisfactory to you, it is worth partnering with Unikat. We will help and guide you through all stages of the transaction from A to Z, offering our knowledge and experience.
CALL US
WRITE TO US 