How does a real estate agent in Nerja determine the value of a property? | Check out these 9 influential factors and be prepared!
How do you determine the value of a (holiday) home in Nerja? Whether you want to buy or sell a property, it is valuable to know what the asking prices in Nerja are based on. If you know what is going on, assessing the asking price of the property that you have in mind will be easier and more accurate. In this blog we will take a look at the nine most important factors that influence the value of properties in Nerja.
The number of square meters can be seen as a basic indicator of a property’s asking price. In other words, there is a certain price that you will pay on average per m² and that price can be taken as the starting point for the total valuation. Subsequently, depending on the other factors, the estimated asking price of a home will increase or decrease. Currently, an average price of around €2,250/m² should be taken into account.
An important price determiner is clearly the view from the property. It may sound obvious, but don't underestimate the value of this indicator. Most buyers definitely want to catch a glimpse of the mountains or the sea, so the view has a major influence on the asking price. If it concerns an apartment in a complex, the floor also influences the price. In general, the view from the upper floors is better and the chance to hearing noise from one of the upstairs neighbours is smaller. After all, a penthouse is more valuable than an apartment on the other floors.
Obviously, the location and the immediate surroundings of the home you are interested in are significant factors influencing the price. The distance to the beach and the centre play a major role in this, but the neighborhood and the presence of, for example, supermarkets and schools can also affect the price. In addition, a ‘south-facing property’ is generally the most popular. However, as there is plenty of sunshine in southern Spain, it is usually not one of the most crucial factors. After all, sometimes it is considered more convenient to have only the morning sun.
4) Terrace and balcony
Furthermore, a balcony or terrace is a sought-after element in this coastal village. The average buyer naturally wants to enjoy fresh air without leaving the property and therefore the added value of a balcony is very large. The size of the balcony or terrace influences the asking price as well and a balcony on the north will not add as much value as a balcony on the other directions.
5) Number of bedrooms
The number of bedrooms is the next factor that influences the final asking price. The buyer often wants at least two bedrooms to host guests or to for family expansion. Each additional bedroom will normally increase the asking price, provided that an extra bedroom comes not at the expense of too much living space.
6) Condition of property
The previous price indicators can affect the asking price strongly, but if the house or apartment needs much renovation to make it liveable, the value obviously decreases. In Nerja, houses are generally sold furnished. Furthermore, the condition of the building, the quality of the materials used and the degree to which the home and the building are energy efficient are relevant price indicators.
7) Facilities in the complex (lift, garden, swimming pool)
Many buyers are dreaming of owning a house with a private swimming pool, but in the centre it can be more complicated to make this dream come true. However, many apartment complexes do have a communal swimming pool and garden to which you have only access as an owner. Furthermore, the presence of a lift in the building is an advantage and the price will be higher if the complex is wheelchair friendly.
Parking is not always fun in the picturesque village and certainly in the summer months finding a parking space can take more time than you would like. Private garages or private parking places are often expensive (from € 20,000 for a parking space) and the streets in Nerja are usually full. That is why a parking space at the house is highly sought after and the popularity naturally drives up the asking price.
9) Rental potential (rental license)
Finally, nowadays it is crucial for many buyers to purchase a property that can easily be rented in the months that no one is present. Houses with a beautiful view and central location are attractive for tourists and you will also have to include this in your estimates. Additionally, it is a huge plus if the property has a rental license already. In this blog you can read how you can get a rental license yourself.
For an exact valuation
As you can see, there are many factors potentially influencing prices and to make a more accurate estimation, there are even more elements to take into consideration. If you follow the above points you can make an excellent estimate yourself. If you would like to know the exact value, it is advisable to consult a local real estate agent or appraiser of the bank.
In the case of purchase you will have to determine the most important factors for you personally, depending on the family situation and interests. Unfortunately, experience shows that the perfect home often does not exist and therefore it is useful to write down in which three areas you are prepared to make concessions. Do you want a large garden and a beautiful view? The chance is small that you will find a home in Nerja for a reasonable price close to the beach. Would you like to own a property in the old town? In that case there is a substantial chance that you will not find a home with a lift in the building.
If you want to sell a house you will also have to be realistic and include all factors in the asking price. On the website of this Spanish bank you can do an online appraisal quickly, based on existing data an estimation is given of the value of the house you want to buy or sell.
Would you like to have more information on the purchase or sale of a house in the region of Nerja? Do not hesitate and feel free to enter our office for a cup of coffee and a conversation without any obligations. Contact