When I wanted to sell my property in 2016, it was important for me to know how much is my house worth. I wanted to know what my expectations should be and how the market has evolved ever since I bought my house. I approached a really good friend who was well into the real estate scene back then (unfortunately he succumbed to COVID). He helped me out and connected me to a few builders who explained how house worth is estimated. I am sharing that information with you, I hope it helps you know the worth of your house.
“How to find the value of my house?” I asked. He said you will have to first collect all the details such as:
What is the house type and configurations (1 BHK, 2 BHK, etc.)?
How old is the building construction?
How much is the damage or depreciation?
How developed is the locality?
Has there been a price appreciation due to development in the area?
What is the cost of other similar houses in this area?
These were some of the basic questions I had to answer. Once he had these answered, he then proceeded to see how much my house is worth.
Following my friend’s advice I took 2-3 measures to know the worth of my house.
I first contacted a real estate agent and shared my house details with him. I asked him how much is my house worth now. He did a comparative analysis of the property to arrive at an approximate value. I also contacted the builder he introduced me to so that I could have a few more opinions.
You must consult NoBroker experts to make your buying and selling experience seamless. Check their plans here.Next, I came to know in my research that the value of the property increases with time if the area is constantly developing. So was the case with my property. I bought this house when basically the locality was underdeveloped and by 2016, this area had entered into the top localities in the city. So based on infrastructure, growth and development in the area, property value had certainly increased.
Finally, the best way to go about my research on how much is my house worth was to check the RRR of my house. I know that circle rate or as we call it ready reckoner rate are determinants of the property value. So we went to the land revenue website to understand the RRR of our property.
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How much is my house worth?
Somnath
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1
4 Year
2021-10-28T13:45:18+00:00 2025-05-02T10:03:42+00:00Comment
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