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How to Determine the Real Value of a House When Buying a House?

How to Determine the Real Value of a House When Buying a House?

What is important is how you will manage this process and what steps you will take to proceed.

Region selection when buying a house

When choosing a region, choose the one that is most suitable for you.

  • Region close to your work

  • Region that suits your budget

  • Region close to your family environment

  • Region where your friends and environment are dominant

Living in these regions will make you feel safer and happier.

Proximity of the house you will buy to public transportation

After choosing a region, the second step is to determine how close it is to public transportation (minibus, tram, metro, sea transportation, railway, etc.) routes. Is it walking distance? Or is it a distance that requires taking a minibus or taxi? Pay attention to that. Your preference should be houses within walking distance.

Look at which floor and which side the house is on

The most important point in buying a house is which floor it is on. Home buyers give great importance to the floor, the most preferred are the houses with south and street frontage on the middle floor. The first houses sold and the most preferred are the houses with middle floors. As for the reason, we observe that the top floor apartments, namely the houses on the last floor, are less preferred due to problems such as roof leakage and heating, and their sales are slower than the middle floor apartments. In the lower areas, namely the ground and first floors, they appeal to fewer buyers due to negativities such as security and heat problems. The floor on which a house is located and which side it faces are the most important criteria in determining the value of the house.

The most important reason for preferring apartments with south side in the selection of the facade is that they receive more sunlight and daylight. A house that receives more sunlight heats up more than a house that does not and provides savings in terms of heat. It causes you to pay less fuel costs.

Attention should be paid to the square meters and number of rooms of the house

You always hear the question of how many rooms does the house have? The number of rooms is important, but the square meters are more important. Sometimes we see 2+1 apartments that are the size of 3+1 apartments. Sometimes you look at 3+1 apartments, but they are built as 2+1 apartments. The rooms are planned to be very small and impractical.

The most important point here is that if the number of rooms in the house you prefer is 3+1, the ideal size should be at least 125 m2 and above. If the number of rooms in the house you are considering buying is 2+1, you should prefer houses between 90m2 and 100 m2. Houses with these square meters are sold faster and have a better premium.

The most important issue to consider at this stage is whether the square meters of the house are net or gross? You are told the measurements, you need to determine this. To make a determination, you can go to the municipality where the house is affiliated and inquire about the project.

Determining the appraisal value of the house

You can proceed in 2 ways to determine the value of the house. The first way is to determine the value of the comparable real estates in the surrounding area and how much they are sold for. The comparable sold apartments are the primary indicators of your home's value.

The location of the building, the street, the avenue, where the house's facade is facing, does it have a dark room? Factors such as elevator, parking lot, school, public transportation, mosque, shopping areas are important criteria.

What is the land share ratio of the house?

How much is the share of the house you will buy as shown on the title deed? Is your share the same as the other flat owners? Are there any other shareholders other than the current flat owners? These should also be investigated. Sometimes we have witnessed places where there are 12-15 shares in a place with 10 flats. Such cases are especially experienced in places that appear as land and where no floor easement has been established.

Value determination based on rental income

It is calculated as the present value of the money that the house you will buy will earn its owner in the coming years. The house you will buy in regions with high rental income will contribute more to the rate of increase in value. In calculating the rental income of the real estate you will buy, the depreciation return year is taken as 18 years. This means that it will pay for itself in 212 to 214 months. This period varies slightly in workplaces, it pays for itself in 14 to 16 years. This is calculated as an average of 168 months to 192 months. In residences, it should pay for itself in 17 to 20 years. This will reveal the value of the real estate you will buy.

Let's make an example calculation, let's assume that the rent of an apartment is 1500 TL, let's multiply it by 214 months, we can calculate the average value of a house as 214 x 1500 TL = 321,000 TL. This method is still used as the most effective method in determining the value of real estate.

Occupancy status

Has the occupancy permit, or residence permit, of the house you are considering buying been obtained by the contractor? It is very important that it has been obtained. If it has not been obtained, you may have to deal with the debts, taxes, etc. that will arise for the building in the following years. Occupancy

a means permit. It is given as a occupancy permit by the municipality after the building is completely finished and can be lived in. Buildings that are not habitable generally appear as floor easements in the form of land.

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