The usual way to work out a property’s market value is by researching sale prices of comparable properties. These should be recently sold properties with similar land size, style, number of bedrooms and bathrooms, location, age, condition and overall presentation. Most sales results are published in the Sunday and Monday newspapers or can be found on various websites.
As a last resort, if you are unsure about how much you should pay for a property, it may be wise to get a valuation from a sworn valuer. An expert valuation may not reflect what the property actually sells for, but it will give you a good indication.
Once you have a good idea of market prices you then set a realistic, but financially comfortable limit and don’t exceed it.
Finally, the key to successfully buying property is to be realistic about market values, otherwise you will find yourself chasing the market and paying more than you have too.