As a buyer of a piece of property, you may sometimes face various questions about the property itself. The most pressing question of all is of course “Am I being overcharged for this piece of property?” Keep in mind of course that property prices are very fluid and subjective. They are mostly defined by human perception and therefore there is no fixed price.

However, knowing the approximate and acceptable range is very important. In order to protect yourself from being charged an unfair price for a piece of property, you can take some easy steps:

1. Consult Your Own Property Appraiser



Bring an independent professional and independent registered appraiser or valuer that is not associated with the party selling the property to give you an estimate of the building’s price. In this way, you get a trusted opinion on what the true value is.

2. Check online for similar property in the area



Searching for similar types of property to the one you’re buying ( using online property websites) should give you a very good picture of how much the market rate is. It is important to search for property that shares many of your target property traits, such as total area, type of property ( apartment or landed) or whether it is furnished or not.

3. Observe Property Trends in the Area



Every area will definitely see either increase, decrease or stable trend over time. It is important to know the trend as house prices may change from month to month.

4. Inspect the Home’s Utilities and Other Features



If you are buying the house second hand from a previous owner, visit the home with professional plumbing, electrical, pest control and building safety experts to ensure there is nothing seriously wrong with the property and that you’re getting your money’s worth.

5. Ask Experienced Real Estate Agents



If you know of a trusted real estate agent who is not connected to the property, but is familiar with the area, ask their honest opinion whether the price you are paying is reasonable. Their many years of experience will be a valuable guide to you.

6. Observe Unsold Property in the Area



If you can see any units in the area that are unoccupied for a long time, try and find out their selling price and chances are, those units are considered overpriced. You can therefore make an offer for a lower than the unsold units.

It is important to note that achieving a fair price on your property is between the buyer and the seller. Therefore, it is also good to take the seller’s feelings and needs into consideration. This guide is meant for buyers to avoid purposely overpriced property, and not meant to undermine the seller’s rights.

In any case, it is hoped that both parties will come off the deal happier with no major issues encountered.


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