|
As an ex Real Estate Agent I may have a few clues for you.
First up, do your own research. Type your address into the Google search box and up will come a site that will give you a high and low guestimate on your property.
It is only a guesstimate, based on sold history of the property and capital gain rates in the area. It doesn't take into account the current condition of the house and the value of any improvements you may have made. It will give you a wide ball park figure only.
Back to Google and type in 'your suburb' Real Estate and you will get a run down on the current property listings in your area. Look for similar properties and also look at recent sales. What you are trying to establish is a price range that your property should fall within.
Armed with this information call in your local agents for their appraisal. DO NOT UNDER ANY CIRCUMSTANCES DIVULGE WHAT YOUR RESEARCH HAS INDICATED.
I should say at this point that a property is worth what someone is prepared to pay for it. The developer will want to steal it but the person looking for a home to do up and occupy may see extra value in it's features and location, such as proximity to schools and transport, and the big tree with a swing for the kids.
Ask the agents for a 'sell today' price and also what you may achieve if you were prepared to wait for the 'right buyer'. Ask them how they would market the property.
Your location is important too. You can always change what it is but you can't change where it is. Do a rough estimate on what it would cost to bring the property up to a good marketable state and ask the agents if you did that exercise how much value it would add.
The law states that an agent is legally bound to act in the best interests of his principle (you). However the industry seems to attract more than it's fair share of people who don't seem to be able to grasp that concept.
Good luck.
PS: I'm about to embark on the same journey with a 'doer upper' although I'll sell it myself.
|