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How do you determine the price of the apartment?

Apartment appraisers

When evaluating the apartments in most cases the method of analysis and comparison of prices of similar real estate is applied.

The essence of this approach in carrying out the assessment is that the raw data for calculating the market value of real estate are the prices of offers to sell such objects. “Similar” are considered real estate that have the same basic characteristics as the object of the valuation. The main characteristics of apartments when determining their value are considered (in order of importance):

  • location – objects are selected in the same neighbourhood or in neighbouring neighbourhoods with similar infrastructure;
  • type of house – conventionally can be distinguished such types of houses: pre-revolutionary, special projects of the second half of the twentieth century (so-called “sovmins”), standard panel houses, modern houses (since 2000), new buildings (houses not older than three years);
  • total area – should be comparable at the object of assessment and analogues, the difference, as a rule, does not exceed 15%;
  • number of rooms – in modern houses often with the same total area of apartments, the number of rooms may differ (for example, the area of 80 sq.m. is characteristic for both two-room and three-room apartments in modern houses)so the evaluator tries to choose a comparison object with the same number of rooms;
  • floor – as you know, apartments on the first and last floors are usually less in demand and are cheaper than apartments on the middle floors, so this factor is taken into account when assessing the property;
  • condition of interior decoration, furnishing and appliances.

Thus, to determine the value of the apartment the appraiser finds proposals for the sale of such real estate, taking into account the above criterias. However, it is rare to find an object of comparison that is completely identical to the object of evaluation. Therefore, the cost of the found objects of comparison can be adjusted according to those characteristics that do not match the evaluated apartment and the one with which we compare it.

How much is my apartment?

Your apartment costs about the same as similar apartments in such houses of your neighborhood minus an adjustment for the possible auction, which is usually accepted at the level of 5-15%.