How to Compare Multiple Properties before purchase.
Why Compare Properties Before Purchase?
Hello there, in this blog we shall show you, how you can quickly compare multiple properties, without making several trips to a real estate agent or without physically visiting different properties.
Who Benefits From Property Comparison?
Virtually every person interested in the property is faced with the question regarding the Fair Market Value of the property. And so property buyers, investors (lenders, investment firms, and other buyers), sellers, property valuers, and even governments for tax purposes benefit from property comparisons.
While the reasons for the need to compare different properties before purchase are numerous, a common thread that cuts across this exercise, which is, acquiring a property will always be an investment needing care and diligence. This is true regardless of whether you want to rent, lease, or buy a property.
African Property Exchange Comparison Tool
Let’s use the African Property Exchange listing service as a guide for all the tips to good property comparison parameters. The parameters used here are not exhaustive and may vary from client to client.
Any visitor to our property listing service can do this with a few clicks. For better results use a desktop or laptop computer. You can do this across all property types; residential, commercial, agricultural, vocational, office space, retail space, plots of land, industrial, forced sale, or bank sale properties.
While at the website just click the plus sign on each property you would like to compare against your target property (see picture above), this can be done regardless of the brokerage firm that listed a property.
A pop-up will show each property you add for comparison, once you have added all the properties you need to compare, just click “Compare” and you will be redirected to a full comparison table.
The starting point to a good real estate property comparison exercise is to find a multiple listing service provider. Property listing service providers, like African Property Exchange, list several properties from different real estate brokerage firms.
You will not be able to get a meaningful comparison if the properties are listed on a website owned by one real estate brokerage firm.
Buyers everywhere don’t leave any stone unturned, checking every detail, this explains why the listing period for properties takes between 3-12 months, even for properties that may be valued at a giveaway price.
Common Comparison Parameters
A closer look at the hierarchy of property comparison parameters only reveals how tedious the entire process can be, especially where the buyer has not appointed a real estate firm or agent, to act for them, some of the common parameters include;
- Property type
- Footage/ Size
- Year of Build
- Property Amenities
- Property Features
All the above comparison parameters have a bearing on the pricing of the property, and this is arrived at when two or more properties have values that are close to each other. You will be able to decide which property to choose, only by comparing each of the properties, against important parameters one by one.