HOW TO APPRAISE A PROPERTY IN PANAMA?

Calculating the price of a house based on its characteristics is a task that may seem easy at first glance. However, at the moment of facing this situation, it is very possible that we get lost among the great number of factors to consider and this without even mentioning what is the price-value relationship of these factors.

For this reason, it is not possible to establish within the Panamanian market a fixed table of prices of all the existing properties, since the options abound and human subjectivity can take part in the establishment of a price. What is possible, however, is the establishment of a comparative relationship, which in one way or another will help us to appraise the price of a property.

To facilitate this process, we have made a guide of simple steps based on the experience of our agents that will help you in this process. Check it out below:

REAL ESTATE VALUATION: HOW TO DETERMINE THE PRICE OF A PROPERTY IN PANAMA?

Delimit and compare the characteristics and price of different areas:
The location of a house directly affects the price of this, however, these prices are not based on subjective characteristics, it is precisely the benefits of the residential area that make them have certain prices. Therefore, as a first step it is necessary to make a comparative list of the characteristics possessed by the area where the property is located, to list the benefits it possesses and thus identify what is the average price of the properties located there.



Compare space and benefits:
The space in square meters is, without a doubt, one of the ways to determine the price of a property. But, in addition to this, there are the shared common areas and the benefits that a property has within its private boundaries. When calculating the value of a property, intelligently compare the investment margin in function of the amount of benefits.



3- Account for the investment in improvements:

At this point we begin to delimit internal characteristics of the house and what is the state of well-being of the infrastructure. The more we budget for repairs to be made and the higher the investment margin, the higher the price of the property for sale will be.



4- Establish a comparative relationship:

Although it may seem repetitive, never forget that one of the best ways to delimit the price of a property is the comparison with similar options. In this way, you will not only be able to improve the home as a competitive offer, but also guide you in the delimitation of the cost of the competition.