Every individual who is seeking a property wants the best deal. Not just in terms of the value, but based on what it offers, condition of the property and the promise it holds- these are just some of the many factors that affect the value of a property. In this article, we look at the different factors that affect house prices that will help both a buyer and a seller. If you are selling your property, make sure to tick off all these on the list to ensure a good rate, and if you are looking to buy a flat or home, you must make sure that your new home has all these and more to land a good deal.
The external condition of your home: As they say, the first impression is the last impression. Hence, the outward appearance of a property says a lot about it. Right from it's age to the kind of use it's been subjected to and the efforts put into maintaining it are all reflected in the exterior appearance of a property. Naturally, well-maintained property is more favorable in comparison to a badly maintained one. Badly kept buildings also tend to age quicker and tend to come with a lot of challenges thus making them a more expensive and tedious affair.
- Growth tangent of the property value: This is one of the most factors affecting the value of the residential property. A home is not just a shelter, it's an investment and any smart buyer will want a home that is not just value for money but a home that promises greater returns in coming times. One must always seek a location that shows a steady growth rate in terms of amenities and land value.
- Facilities: Another significant factor that affects house prices are the facilities it offers. We all want to live in a home that is conveniently located to access a range of facilities like good schools, supermarkets, public transportation, etc to make our daily lives simpler. Thus, the facilities a property offers impacts it's valued tremendously. A property that is conveniently located can fetch you a good price and is more in demand making it a sought after piece of land for enthusiastic buyers.
- Neighborhood: The neighborhood that a property is located in is also an important factor to be considered. Are there too many empty, dilapidated homes? Or is it located in a shabby neighborhood in the City? These are some of the questions that may determine the value of the property. One can notice that homes in clean, well-maintained neighborhoods that are neither too posh nor too run down are most preferred by buyers. These neighborhoods are often safe, offer a lot of facilities, provide a good social environment and come at a fairly good price making them a good investment for the present and the future.
- Architecture: Would a home that is badly designed find more buyers? Most certainly not. Dead spaces, dark and unventilated spaces can be a real deal-breaker making design and architecture of a property one of the important factors affecting the value of the residential property. A home should have spaces that are well designed, airy and we'll ventilate to make it more appealing to buyers. Likewise, factors like Vastu, the orientation of the site, etc are also given a lot of preference amongst Indian buyers, thus making architecture a significant factor to consider while comparing properties.
- The internal condition of the property: Imagine having to visit a property with dirty and underkeep toilets, let alone living in one. It's definitely not a pretty image, thus making this an important factor to be considered while looking at a property. Prolonged periods of unhygienic and badly maintained indoors can just be more unappealing as an unpleasant exterior appearance. A home that comes with a well-maintained kitchen, clean toilets, and other clean spaces can be a very viable option for home buyers.
Homes that have also witnessed too much renovation and come with a lot of unplanned and haphazard spaces are not too well perceived either. So make sure to check the hygiene and conditions of the interior of a home before finalizing it. One might think a good scrubbing can clean up space, but the reality can be different and some stubborn stains never go away, leaving you with no option but to redo the space, which might cost a lot.
Tick these factors off your list while you go property hunting to ensure to find the perfect home for you and your loved ones.