What is the value of your house or apartment?

Want to know the value of your house or apartment? For selling, renting or just for fun? Find out how to estimate the value of your house or apartment here!

Estimate the value of your house or apartment

Step 1: List the specifications of your house or apartment

• Location:
  • Address and zip code.
  • District and neighborhood: Safety, amenities, proximity to schools, shopping, public transportation.
  • Environmental factors: Proximity to parks, entertainment venues, cultural amenities.
• Dwelling:
  • Year built.
  • Housing type: The type of house or the type of apartment.
  • Habitable area: Total square feet of living space.
  • Plot area: The total area of the plot (houses).
  • Number of rooms: Number of bedrooms, bathrooms, living rooms, kitchens, etc.
  • Number of floors: Includes possible basement and attic.
  • Layout: Floor plans or descriptions of room layouts.
• State of your home:
  • General condition: Recent maintenance, renovations, renewals.
  • Specific components: State of roof, facade, foundation, plumbing, electrical, plumbing.
  • Insulation: Insulation of walls, roof and floors.
  • Energy efficiency: The home’s energy rating(EPC), solar panels, home battery, heat pump.
  • Heating and cooling: Type of heating (central heating boiler, underfloor heating), air conditioning.
• Amenities:
  • Kitchen: Equipment, condition of the kitchen, built-in appliances, finishes.
  • Bathroom(s): State of bathrooms, presence of shower, bathtub, double sink.
  • Garden and outdoor space: Presence of garden, balcony, terrace, roof terrace.
  • Parking: Number of parking spaces, indoor or outdoor garage, carport, street parking.
  • Outbuildings: shed, garden house, garage.
  • Special features: swimming pool, sauna, fireplace.
• State of law and legal aspects:
  • Title of ownership: full ownership, leasehold, apartment right.
  • Easements: Any rights of way, use of common areas.
  • Permits: Building and environmental permits, remodeling permits.
• Costs and charges
  • Cadastral income: Annual tax on your property.
  • Common costs (apartments): Monthly contributions, reserve fund, maintenance costs.
  • Miscellaneous: Municipal tax

Step 2: Compare your property to similar (sold) properties

Look at recently sold houses and apartments in your neighborhood and the current offerings in your area. You can easily look this up by filtering your housing offerings by the specifications your property has:

• Are homes selling quickly?
• What makes your property unique compared to these offerings?
• Which housing specifications are the most popular?
• What are/were the sales prices of comparable homes?
• Is there a large supply or is the choice for housing seekers relatively small?
• Analyze your congregation:
  • What about population growth?
  • What do crime rates say?
  • Is there enough employment in your neighborhood?
  • What income levels are found in your community/neighborhood?

Step 3: Review future developments within your congregation

• Are new stores, supermarkets, restaurants or office buildings opening that add to the attractiveness of your neighborhood?
• Will new and improved roads, train stations, subway or streetcar lines increase the accessibility and value of your home?
• Are they building new parks, playgrounds, sports centers, swimming pools and other recreational facilities that increase the livability and attractiveness of your neighborhood?
• Is your municipality planning to install large wind turbines near your home? Then the value of your home may decrease if you are bothered by the noise of the blades or the cast shadow from the installation.

Step 4: Do economic research

General information:

• Is the interest rate favorable?
• Are energy prices affordable?
• What are this year’s inflation rates?
• What do news sources (newspapers, TV) say about the economy?

View Belgian real estate prices (median) according to Statbel for Belgium and by province:

Here you will find the median price of houses and apartments sold in Belgium and by province. The median price indicates that half of the properties sold were more expensive and the other half were less expensive:

View Belgian real estate prices per square meter (average) according to Immoweb by province:

Here you will find the average price per square meter based on the asking prices of houses and apartments per province in Belgium:

Step 5: Use free online estimation tools

• Use free, online appraisal tools: This gives you an estimated value of a property with the specifications you enter.
  • Realo Value Estimator
  • Flanders Rent Estimator
  • Zimmo Price Guide
• Don’t forget to include specifics in your estimate.

Step 6: Hire an expert

Engage professional appraisers for an accurate valuation of your house or apartment. An appraiser takes into account all the specifics and current market conditions to determine the value of your home.

In what cases do you need a valuation?

Below are many situations in which you need an appraisal of your home:

• You want to rent out your property: You want to calculate a correct rent.
• You want to buy out your partner: You need to know the price of the property to calculate the buyout price.
• You are entering into or want to refinance a mortgage: Your bank wants to determine the correct mortgage value.
• You’re selling your home: You want to set an accurate asking price and give potential buyers a realistic idea of your home’s value.
• You want to include the home in your inheritance: The notary wants to know how much your home is worth to make sure your inheritance is divided fairly.
• You want to insure your home and contents: Your insurance company wants to know the exact value of your home to calculate the cost of your insurance.
• You’re buying a home: You want to make a realistic offer on an ad and want to know if the home’s asking price is in line with its market value.

Sources: KBC, Immoweb, Statbel, Flanders

Would you like to cite this article as a source? Then use:

Stiasteny, L. (2024, Oct. 24). What is the value of your house or apartment? Apartment.com. Accessed on (date XX/XX/202X), from https://www.appartement.be/wat-is-de-waarde-van-je-huis-of-appartement/

Related articles:

• Buying out your partner according to legislation
• The cadastral income according to legislation