Real estate agents might say it’s a good deal…
The seller might say it’s a good deal…
But is there a way that you can run the numbers for yourself?
Well, at RKD Property Group LLC, we’ve been buying and selling real estate in Connecticut for a long time now… and we’re pretty darn familiar with the market here.
In fact, the success of our business requires that we always run the numbers on properties to make sure that we’re staying profitable.
Want to know how we do it so you can do it, too?
Here’s the gist!
- Determine Fair Sales Price — The easiest way to determine the market value of a home is to look at the sales price of other similar properties in the neighborhood that have sold within the last 3 to 6 months. The more recently they’ve sold and the more similar they are (in quality, square footage, location, and the number of beds/baths), the more accurate their sales price will be for determining another property’s real value.
- Deduct the Cost of Repairs, Updates, Etc. — If the property you’re buying needs a lot of repairs or updates, then it’s important to deduct those costs from the fair sales price you came up with.
- Consider Agent Commissions — Also consider agent commissions and closing costs. These will make a big difference in whether you get a good deal or not.