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Find the Right Property, Buy at the Right Price by Melissa Opie

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Chapter 8: Determining market price

I wish I could tell you there was a simple formula to calculate how much a property is worth. Something like the method for working out yield would be nice, but unfortunately there is a lot more to it and, to make it even harder, there’s an element of subjectivity that needs to be considered. While you can look at median prices (and this is important), land size and the condition of the property, elements such as feel, visual appeal and configuration are not so easy to put a value on because they are all subjective. The value of certain features of a property also depends on how scarce they are within that market: a big backyard might be rare in an inner-city area, making the property more valuable; the fact ...

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