Hi,

I'm wondering how people come up with a valuation for places you're looking? Obviously if you're looking for a place for yourself you may pay a little more if it ticks all the boxes for what you're after. And if it's an investment, then the numbers need to stack up. But regardless of why you're buying, how do you come up with a value that you think the market would normally pay (so then you can work out what's a good deal etc).

For example, I was given a valuation for a place in an area I'm trying to be an expert in. The valuer had taken ten sales from around the area, worked out the percentage difference from RV (which happened to be 7-29% over RV) and then applied a percentage to the RV to come up with a value for this place, I guess taking into account the current state. Is this the way most people do it? Relative to RV? I appreciate this can be a trap if the RV is current where as the others are a bit older for example. Or are R.V's rubbish?

I've been to a few open homes now and tried to value the places myself and then followed up what they sold for, but it's hard to get it exact.

What method do you use?

Cheers,

Sapio

I'm wondering how people come up with a valuation for places you're looking? Obviously if you're looking for a place for yourself you may pay a little more if it ticks all the boxes for what you're after. And if it's an investment, then the numbers need to stack up. But regardless of why you're buying, how do you come up with a value that you think the market would normally pay (so then you can work out what's a good deal etc).

For example, I was given a valuation for a place in an area I'm trying to be an expert in. The valuer had taken ten sales from around the area, worked out the percentage difference from RV (which happened to be 7-29% over RV) and then applied a percentage to the RV to come up with a value for this place, I guess taking into account the current state. Is this the way most people do it? Relative to RV? I appreciate this can be a trap if the RV is current where as the others are a bit older for example. Or are R.V's rubbish?

I've been to a few open homes now and tried to value the places myself and then followed up what they sold for, but it's hard to get it exact.

What method do you use?

Cheers,

Sapio

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