Real estate is a high-value asset and represents momentous economic decisions in every individual life. So, before making any property investment, homebuyers should know the fair valuation of a property that they are interested in buying. If properly evaluated, then your real estate investment will lead to better appreciation.
Look at some of the factors affecting property value.
FACTORS INFLUENCING PROPERTY COST
The location of a property is one of the most obvious factors that affect property value. Is the property close to daily necessities? Is it has healthy surroundings? These are some questions that would determine the property's value. One may notice that buyers prefer a home in clean and well-maintained areas, which are neither too posh nor too run-down. These locations are often safe, offer many facilities, provide an excellent social environment, and make a good investment for the present and the future at a reasonable price.
Apart from location, the valuation of the property also depends on things like design, specifications of materials used, and so on. A home with perfect Vastu, well-designed spaces, airy and well-ventilated rooms, etc are some of the significant factors to consider while buying a property. Adding to it, the input costs, the height of the building, quality, and waterproofing are among others, which influence the property prices.
The facilities that property offers are another vital factor that affects their prices. Every individual wants to stay in a carefully positioned house to access a variety of services such as prominent schools, hospitals, grocery stores, public transportation, and so on to make their everyday lives more comfortable. Thus, the facilities that property offers are tremendous influences on its value.
Nowadays, many home buyers are attracted to properties that offer modern amenities like clubhouse, swimming pool, AC gym, meditation hall, green landscaping, etc. Property valuation coupled with a pleasant environment and amenities come with a bigger price tag compared to those with inadequate facilities. Besides, property valuation highly depends on the accessibility of proper amenities along with comfortable living spaces.
Infrastructure is one of the main factors which affect property prices. Property that are near developed infrastructure like roads, flyovers, airports, and malls impacts the value of a property and also offers a better ROI in the future. It is a common fact that better connectivity influences end-users to buy a property. Therefore, developers are launching luxurious residential projects in areas that have excellent infrastructure facilities.
A final major factor that can decide your property's value is paperwork. Documents like the Title Deed, Sale Deed, clearances, verifications, builder certificates, and property tax receipts are essential cogs in the evaluation process. Nobody wants a property with pending paperwork, let alone one that has not received the necessary approvals. Indicating transparency in your dealings through paperwork is one way to step up your value of a property.
Being aware of these determinants of property valuation can help a buyer decide whether prices being quoted for properties are appropriate. It can also help you predict with reality as to which areas are likely to see good growth rates in the coming years.
Discover an accurate idea of the real value of your dream home at PropertyAdviser.in and find the perfect home to lead a happy lifestyle with your loved ones.
By: Shailaja K