After making the decision to sell a property, the next question that in most cases arises is: How much is a house worth? Today we want to tell you 3 ways to know the value of your house, the price per square meter per neighborhood in Colombia and how in Habi we calculate the value of a home.
Putting a price on something invaluable like your home is difficult, we understand that the stories and moments that you lived in that place are priceless; To help you, we list the 3 easiest ways you can put a price on the most precious asset: your house, and answer that everyday riddle of the real estate about how to know how much my house is worth?
1. Commercial appraisal of a property.
The commercial appraisal of a property is one of the most accurate ways to answer the question: How do I know how much my house costs? Not only because it is a process carried out by a certified expert called “Real Estate Expert”, but because it is a study that contemplates from the physical characteristics, the cadastral value, the costs of public services; to possible future developments in the area.
The Real Estate Expert will give you a precise and detailed estimate of the sale value of your house, based not only on the information of your property and possible historical records, but also on the experience and knowledge that he has.
How much is an appraisal of a house worth?
The minimum value of the certified expert opinion in 2021 is from 300,000 COP, for properties whose value does not exceed 100,000,000 (One hundred million pesos). For properties that exceed this value, the cost of the expert opinion is calculated by adding the 300,000 COP, base rate, plus 1 × 1000 of the value of the property.
With the Habanero tool you can assess your home online, saving time, money and effort. Our commercial appraiser is totally free and allows you to know how much a house is worth, the cadastral value, the rental value and much more. Know how much your house is worth
2. How do I know the cadastral value of my home?
The cadastral value of a home is a determination made by the Administrative Units of the Cadaster. This value is used by the government to pay taxes on property.
Each city in Colombia has its Administrative Unit of the Cadaster, which is in charge of carrying out, maintaining and updating the census of properties. The purpose of these is to determine property taxes, update district cartography, establish road markings, and provide you with information on property prices.
To know the cadastral value of your home in Colombia, you must go to the website of the municipal mayor’s office. In this you will find the cadastral value of your house according to its address, real estate registration or the previous cadastral reference number.
The cadastral value is issued in the cadastral certificate, which is a document that states the physical specifications of the property and the land, as well as its value.
The cadastral certificate may or may not have a price depending on the city. However, it can also be issued through the Augustin Codas’ Geographical Institute website and has a fixed value of $ 14,211 COP.
Read on and apply this new knowledge in your home.
Is the cadastral value what the house is worth?
No, the cadastral value is not always close to the value of your house. This does not include any possible remodeling or arrangements that have been made to the home. In addition, it does not contemplate new or future neighboring urban developments that value your property.
Although the cadastral value gives you a guide to the value of your property, to determine the price it is necessary that you add remodeling and other finishes that you have done to the cadastral appraisal.
3. Price square meter per neighborhood
Throughout our experience, we have realized that the first thing a seller does to solve the question of how much is my house worth? O What is the cost per m2 of construction in Colombia? Is to ask the neighbor.
In fact, it makes perfect sense to compare property values, especially if they are in the same building. Because they will have similar characteristics that are decisive when setting the sale price of your house.
Therefore, one way that will guide you to know the value of your house is to know the price per square meter of the buildings in your neighborhood.
How much does the square meter cost in Bogotá?
The price per square meter per neighborhood in Bogotá changes depending on the locality. These are the values of the square meter of the land in the city, calculated by Habanero:
How much does a square meter cost in Medellin?
Find out here the price per square meter per neighborhood where Habi has a presence in the city of Medellin:
How much does the square meter cost in Cali?
The cost per square meter in Cali is considerably cheaper than in Bogotá and Medellin. This is the cost of the most expensive 5 square meters in the city of Cali:
How much does a square meter cost in Barranquilla?
The price of the square meter in Barranquilla varies according to the stratum. According to the Habi analytics team, these are the 5 neighborhoods with the most expensive square meter:
However, to know how much a house is worth, it is not enough to know the cost of construction in Colombia. Each property may have remodeling or particularities that increase or decrease its price.
When comparing the cost per square meter by neighborhood we can see significant differences between one neighborhood and another. However, the differences in the cost per square meter become more visible when comparing between cities. In such a way that, Bogotá has the most expensive m2 in the country, and you can even get places whose m2 is valued at $ 7,189,524 COP, such is the case of Chapinero. However, in intermediate cities like Cali the cost per m2 decreases and it is more affordable, which gives more possibilities to buy a house in this city.
Compared to other countries in the region, the m2 cost per construction in Colombia is lower compared to the most expensive land in Latin America, which is in Chile, Uruguay and Argentina.
Here we tell you the Top 9 of the cost in dollars per m2 in Latin America. This data was prepared by the Center for Research in Finance at Topcoat Di Tell y Naveen University. The cost to which they refer is that of the capital cities of Latin American countries.
Top 9 Cost in dollars per m2 in Latin America
- Chile $ 3,278 US
- Uruguay $ 2,857 US
- Argentina $ 2,847 US
- Mexico $ 2,269 US
- Brazil $ 2,224 US
- Peru $ 2,080 US
- Panama $ 1,821 US
- Ecuador $ 1,250 US
- Colombia $ 1,217 US
Asking about the price of homes similar to yours is correct, but… what if your neighbor has a ceramic floor and you have a wooden one? Or if your view is external and that of your internal neighbor? These characteristics will change the value of your property with respect to that of your neighbor.
At Habi we are sure that no property is the same as the other. We know this thanks to the fact that every day we compare hundreds of properties with each other with technology. Therefore, we can standardize the price of real estate to give you an accurate and realistic answer to how to know the value of your home.
How much is my house worth?
For Habi, your house is worth the average value of properties for sale similar to yours, that is, properties for sale with the same characteristics as yours. In this way, Habanero calculates the commercial price of your home. The best thing is that it is free and fast.
Learn how Habanero determines how much a house is worth:
- We collect information: since we started operations we have linked and centralized various public, partner and real estate databases. In addition, we investigate everything that exists in the classified web portals and we go out to the streets to collect windows. While our data scientists sort through the information, our operations team scours neighborhoods for “FOR SALE” notices to collect the current supply.
- We compare the offer: within that large ordered and classified database, we look for the properties most similar to yours in age, meters, location, number of rooms and much more; this is a 100% technological process that is why we obtain results instantly by improving the average time of sale of a house.
3. We build a price logic: once we have that average between properties similar to yours, we analyze operational expenses. Then we put it up for sale again, having an objective figure on how much a house is worth.
The offer we make you for your property includes the money you are going to save because when you sell to Habi:
- You do not spend on repairs because they are on us.
- You should not pay commission to anyone, as it is a direct transaction.
- We help you in the management of paperwork and procedures because our advice is free and 24/7.
What you save the most when you sell your property to Habi is time and worries.
We invite you to know the value of your house and register your property. If it meets all the requirements, we will make you an offer for it!