Buying a house is a dream of all of us. However, property prices keep rising and falling over time. In such a situation, one thing bothers us while buying a house. That is to determine the real value of that property. If you are buying an old property. In such a situation, you need to know about its real value. There is a need to show a lot of understanding while buying a property or a house. Often people try to sell their property by quoting more than the actual price. In such a situation, if you do not act wisely. In this situation, you may have to face a big loss. In this episode, today we are going to tell you about a wonderful way, with the help of which you can easily find out about the real value of the old property. Let's know -
Let's understand it like this. Suppose when the house was built. During that time the cost of the land was Rs 30 lakh. At the same time, the entire expenditure of Rs 20 lakh was incurred in the construction work of the house.
Often the average age of a house is assumed to be 60 years. In such a situation, if you want to know about the real value of the property after 10 years of its construction. In this case, the age of the property has become for you. It has to be divided by the average age of the property (60 years).
Suppose an expenditure of Rs 20 lakh was incurred in the construction of the house. In this case, you have to divide it by 6. In this case, its value will come to Rs 3.33 lakh. After this, you have to deduct Rs 3.33 lakhs from the structural cost of Rs 20 lakhs. Thus the present structural cost of the property would be Rs 16.66 lakh.
You should be aware that property depreciation does not take place on the cost of the land. In such a situation, if the value of your land has increased to Rs 45 lakh. In this situation, the present cost of the entire house including the land will be Rs 61.66 lakh.
(PC: Freepik)
