Each accommodation is unique in its particularities
We have recently seen that variations in average real estate prices could hide structural effects. When the dynamics in the real estate market change dramatically, as has been the case in recent years, one should be wary of average price statistics and not rely on them to determine a good selling or buying price for a home. .
The criteria that will cause the price of a house or apartment to vary in relation to all the properties sold recently on which these averages are based are numerous and above all they can have a very strong impact on the value of the property. This is true both on the upside and on the downside. You can make up your own mind or request a real estate valuation by a professional .
how to calculate the price of an old house? What increases or decreases in value?
For example, a major defect in the property such as mold due to humidity problems could make the property unsaleable at the average price. Only a significant discount compared to this average to compensate for this defect will allow this property to be sold. And this type of adjustment must also be made for each of the criteria that we will describe below. They will all weight the actual value of the property.
Other criteria such as a very beautiful view (on the sea, on the Eiffel Tower, on the mountains, etc.), will allow a property to have a much higher value than other similar properties in this sector. which do not have such a beautiful view.
Find below a non-exhaustive list of the particularities of a dwelling that can impact its price downwards or upwards. Whether you are a seller or a buyer, these are the elements that you must analyze to compare several relatively similar properties for sale.
Location: the number 1 criterion that impacts prices
It is well known that location is the number one criterion in real estate . The location of the accommodation determines a large part of the price. Some places are much more sought after than others and this favors high prices in these geographical areas.
A good location is a place where many people would like to live: close to many local services, with quickly accessible professional activity areas, well served by public transport and by road, with a beautiful view, ideal exposure to the sun , calm, etc.
The properties that best meet this type of criteria are those that maintain a good value over time. In these sought-after areas, it is easier to sell an apartment or a house. For example, it will be the city center in the largest cities or the nearby town that offers the best living environment. This will be accommodation with a view of the sea or the ocean in other sectors or even those with an exceptional panorama of the mountains, etc.
The size of the accommodation: the bigger it is, the cheaper the m² is
As a general rule, the price per square meter of a property decreases when the area increases. 5-room apartment, etc.
It is not enough to refer to an average price per m² in a city or district to obtain a value for your property. Ideally, you need a breakdown by type of property, as is the case on the Immoprix.com site . This will not remove the fact that there can be 3 rooms of 50 m² as well as 100 m², but it is an already more precise approximation.
It is also necessary to pay attention to the distribution of the parts. A good layout can save space. Indeed, some spaces can be lost because they are not very useful (large hallway, etc.).
The number of parts is also important. It will be easier to sell a 70 m² with two bedrooms, rather than one with a single bedroom. The F3 will suit more households and therefore theoretically have more demand.
To learn (a lot) more about this, discover our other article on the pitfalls of the price per square meter as well as how to calculate the selling price of your house .
Age and build quality
An old property has aged. It deteriorates over the years unless regular maintenance has been done as well as renovations when necessary.
The age of an apartment or a house therefore matters. This is expressed in particular through the state of the overall structure of the dwelling, the insulation, the electrical system, the roof, the heating system, etc. So many elements that may require work for a future buyer and which therefore impact the price compared to a property in excellent condition.
The quality level of the materials used is also crucial. High-quality materials will enhance a property much more than low-cost materials. The services provided will not be the same and neither will the target audience.
No statistics take this quality effect into account. How then to compare an apartment of the same size in a building from the 1960s when one is “in its own juice” and when the other has been completely renovated with care and quality materials?
Know that a good DPE will increase the value of your home. What to ask if it is not necessary to carry out work before selling. Watch how to improve your ECD .