BARNES Île Maurice
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What are the criteria for estimating a property?

Perspective

28/07/2021

Many owners want to put their property up for sale or just have an idea of the value of their property. For this, it is important to carry out a precise study based on many criteria. This study is called in the professional language an 'estimation' of a property. In order to carry out an estimate of its real estate, there are many techniques used by the professionals of the real estate sector. We are going to try to understand through this article which are the various stages to respect in order to evaluate at best and most precisely possible the value of its property.

Calculation thanks to the price per square meter:

On the internet, it is very easy to find the price per square meter of the area in which your property is located. Once you know this price per square meter, you just have to multiply this amount by the exact or approximate square meter of your property. With this technique, it is possible to get an idea of the approximate value of your property.

However, this technique is not necessarily applicable in Mauritius due to the specificity of the local area, and a slight difference in terms of geographical location, land surface, modernity of the property can totally change the value of the property.

Comparison with properties on the market:

Our BARNES experts advise you to select three properties similar to yours on the current real estate market (sale or rental). However, how do you select three similar properties on the market? It's very simple, you can search on the internet or in magazines for properties similar to yours on different aspects. For example, if you have a 4-bedroom house with a garden, your search will focus on houses that also have four bedrooms and a garden. The area in which the property is located is also important, as we know that the location will be the most important factor in defining the value of your property. It is therefore necessary to find properties in the same area or nearby. Finally, the characteristics such as the modernity, the surface of ground, the equipment, are factors which will also play.

Once these three properties have been selected, our BARNES teams advise you to take an average of these three prices in order to get an idea of the value of your property.

Work as a definition of the selling price:

In order to adjust your estimate as well as possible, it is wise to see if there is any work to be done in order to revise the price of the property at a discount if major work is to be planned (example: roofing, facade renovation...) or conversely to increase the price if there is no work to be planned.

It is not easy to estimate a property contrary to popular belief and it is very important to have a good estimate so that your property is credible on the real estate market and at the right price. If the price is too high, your property will remain on the market for a long time and lose credibility with buyers. This is why we advise you to have your property appraised by real estate professionals in order to know the exact value of your property.

Our BARNES teams, experts in real estate in Mauritius, are at your disposal for any information and will be able to assist you in your property valuation process.