Factors which affect the property prices
Among the crucial decisions, we make in our lives one is the property buying and selling decision. It is the most vital decision which needs knowledge, patience, research and an expert’s advice of a home valuer. As it involves bigger investment and lifetime savings of people. To know the actual market value of the home, home valuation is the method used by the home valuer in order to evaluate the home value.
Whether you are in the property market for buying or selling the property but this is something very important for you to know about the factors which affect the property value to a large extent-
Location of the property – So you are in the market to buy the property or to sell the property than the first question that asked by a buyer and the first question a seller have to encounter with is – Location, where the property is located? Yes, the area is the foremost factor that is highly considered by the buyers, as they want to know where the property is? Then only they proceed the talk ahead.
The property at a prime location, in the city area, hotspots, good suburbs are highly priced property as it surely gives you good returns on investment. Usually, people seek the location which is close to hospitals, airport, bus station, public transport, shopping malls, local markets, their workplaces, children’s school etc. The property at good location cost high as the properties in the outskirts and less developed areas.
Surrounding sales – Neighborhood puts a direct impact on the property price. The property sold out in nearby areas in last few months acts as a comparable or reference for the home valuer (one who evaluates the home value). If the neighbor’s flat has sold out at a particular price then you can expect to get the same amount of money if you would sell your flat too. Though there are many factors to consider that market conditions, economic stability, a time when the other property was sold out, type of the property and more. But it’s true that surrounding sales are considered by the home valuers while determining the home values.
The condition of the property – Better the condition of the property higher the value will be. The layout, floor plan, carpet area, built up area plays an important picture while evaluating the property price. Though the condition of the property means the amount of the renovation required which affects the property price to a larger extent. More renovation needed means the value of the property is deteriorating. So the buyer would ask to cut down the property price.
Astounding and picturesque scenes – You know apartments, homes, condominiums with great enticing views are in high demand and greatly liked by the buyers even people are ready to pay a higher price for such homes. The homes with sea view, lake view, mountains view are priced highly by the vendors as the demand for such homes is high.
These are major factors which affect the property prices a lot. For best home valuation services you can contact us. Our team expert home valuers are capable to help you in finding the home values.