What Is Your House Value?

I watched a youtube video once about a house in an abandoned city going for $1000. Nobody bought it after a year.

So is LOW PRICE the key to sell property?
What is the right price for a property?

Is it
Based on comparables in the area?
Based on facilities?
Based on home condition and renovation?
Based on location and view?
Based on emotional connection & perception?
Based on feng shui and direction?

Above are all true. A house may be of different value to different people.

On one hand, when something does not tick a buyer's box, the value of a home in their mind will go down. Home is facing another house? "I can accept this, but the price needs to be lower."

On the other hand, when a home is priced lower than other houses in the area, this house is perceived as greater value by a larger pool of buyers. The more buyers view a home, the greater the chances to sell.

How about houses with great renovations? They should be priced higher than a basic house. But how do you determine reno value?

Unfortunately, owners are biased towards their own home aesthetic.

What they see is a RM100K cost of renovation. While buyers see an outdated design, which they have to demolish and start over at extra cost.

Next time I'll cover on what type of reno that adds value to a home.