How to estimate the price of a property in Mauritius
Real estate investments are going well in Mauritius, but to sell your house or apartment, it is still necessary to evaluate your property.
An owner always wants the best price for their property and the buyer usually tries to negotiate a reduced price. However, evaluation requires objectivity. To do this, one must observe a number of criteria.
The location of the property
The environment in which the property is located is the first criterion to be considered in the valuation of a property. The sales price may vary depending on whether it is located in a rather quiet or popular neighborhood, by the sea or more inland. Property located beside traffic lanes or noisy environments may not sell at premium prices. Proximity to parks, schools, businesses, or even public transportation and recreation centres can be beneficial for sales consideration.
The property size
The size of the property is an important element to be considered when estimating the price of real estate. This is both the size of the land and the size of the living spaces. The price will be evaluated per m² depending on whether the property is in urban areas, rather in the countryside or on the coast, and on leased or owned land.
The state of the property
A house is valued according to its general condition, both inside and out. An old house will see its value in m2 reduced compared to a new house of course. But this element is not the only determining factor. It is also necessary to consider the state of the equipment, such as the electrical installation and the plumbing. Small details can affect the real estate valuation, such as the presence of outlets, verandas, terraces or a separate tool room. The views- cleared or not, and the neighborhood are crucial. The finishes, the state of the roof and all openings are also all criteria that affect the price.
A house that ensures a comfort in everyday life is better estimated. The layout of the interior must be taken into account. Buyers will always prefer a functional house, with a kitchen near the living room, no place lost. Ideally, one should modernize the payout in the home: an open living space or partitioned in an original way, an American styled kitchen ... All details are important.
Maintenance of old houses
An old house can be well evaluated if it has been properly maintained. Refurbished facilities are a plus for the seller, especially the kitchen and bathrooms. Sometimes there is still work which needs to be done and this cost will obviously be removed from the original sales price.
The age of the house
As mentioned earlier, a new home is better than an old house. Even if it has undergone major renovations, it will still be estimated below a new house, despite having the same characteristics. With equivalent benefits, a recent property will of course be more expensive than an old house.
Consult the prices of the real estate market
To objectively evaluate a property, just look at the prices on the market. One can get an idea of real estate prices by looking at the classifieds and sites specializing in real estate. Although we consider all these points to estimate the value of his property, nothing beats the intervention of professionals. The use of a real estate agent will help to define an optimal price range and provide professional, unbiased advice on market prices in the area where the property is located.
In addition, the intervention of a real estate expert can help to identify the weak points of a property in order to provide solutions before the sale and thus give more chances to get a better price.