mhresident

Basic question. How to price of a 15 years old home?

There is a house which got built 15 years back. It is located in Jogupalya. It is a three-storeyed house. Plot size is 20*15=300. Total built area is 900sqft. RCC roof in all the floors, mosaic tiles. Sump+ motor and overhead Syntex tank etc are available. House is in good condition, but 15 years old.

How to calculate price of this house.

Plot price per sqft is around 5500.00/- in this area. I assume building construction price per chadara (100sqft ) to be around Rs 80,000.00 (since it is 15 years old building).

So, will the price of this house be = (5500*300) + 80,000.00 * 9 chadara = Rs 23 Lakhs 70 thousands?

Am I missing any thing here?

Please correct me if I am wrong.

MHGuy

kaatesha

i doubt anybody will pay for construction of a 15 year old house. in my opinion, u will get only the land rate.
i am not trying to scare you. but it will be difficult to find buyers for 20*15 sites. unless the potential buyers wants it for commercial purpose.

mhresident

If you say just 15 years old house's construction value for 9 chadaras gets reset to zero. What do you think to be the maximum # of years of a house for which there is still some positive construction value attached. Is there any standard formula to calculate the current value of the house? I know that the current plot per sqft moves at Rs5500.00/- in Jogupalya.

kaatesha

well that depends on quality, conditions etc etc. but i would say on an average any house above 10 years old wont fetch any value for construction. i may be wrong though.

duffyhair

check this out..
http://www.hindu.com/pp/2006/11/04/s...0400140700.htm

mhresident

duffyhair, Thanks a lot. I believe I should contact a building valuer. As per this article, for the house that I am referring to, just 22.5% of building cost is lost.