Be it selling or buying property, there are some factors that play a crucial role in deciding its value. Every buyer checks these points and every seller makes sure that his property reflects all of them to close the best deal. Some of these factors include the location of the property, condition of the property, time of construction, floor plan, facilities and amenities, maintenance charges and neighbourhood etc.
These days areas such as Mumbai and Kochi are getting rapidly developed, and the number of people searching for apartments in Trivandrum are increasing day by day. If you are also planning to buy property, we recommend reading the following post first. Here you can find the major factors that affect the value of a property and how must always keep them in mind while buying a new property.
This way, you will be able to make the best purchase decision and get the best value out of every rupee you invest in buying a property.
Factors affecting the value of a property
1. Location
Always check the location of the property that you are buying. Whether it is located in a place that has good connectivity with the other parts of the city or not?. Whether the property has hospitals, schools, markets, transport stands, and any good restaurants nearby? Whether the property is surrounded with decent properties etc or not? All these things decide the value of the property.
Some people also wish to live at a place from where they can enjoy small picnics and small getaways without having to travel a lot. Further, living away from the city can come with additional commuting costs as well. If you have kids and a job etc, you have to keep the commuting in mind. So, there are various location criteria that you must keep in mind while buying a property.
2. Neighbourhood
It is important to have a good neighbourhood, as you can feel safe and enjoy a sense of companionship while living in such places. Having a good neighbourhood also means that you have areas to shop, entertain, work, enjoy your free days, shops selling basic necessities, food, and other such things easily. You must always take these things in mind while buying a property; especially if you have kids and elders in your family that might require any type of resources at any time.
3. Condition of the property
You must check the condition of the property to have an understanding of the value of the property. The type of material used in the house, design of the house, state of furniture, state of wood work, if any, and the state of bath fittings, etc. As you have to live in a property, all these things matter and define your lifestyle. The condition of property also plays a huge role in the value.
4. Floor Plan
A big house with a poor floor plan might come cheaper than a small house with a well-planned layout. This is because utility and space planning make a house good or bad. Hence, we recommend keeping the following in mind while deciding on a house to buy:
- Open floor plan that allows the buyer to model the house the way he or she can
- Smart floor plan in which everything is done keeping the space in mind
- Proper ventilation
- Windows and doors with insect screens for letting the air in without letting the insects in
- Property must be designed such that you can enjoy sunlight, sit outside, and dry your clothes
Further, many people want to have a house that has proper orientations and believe in astrology etc. So, having such things in mind allows you to add more value to your property.
Pro Tip!
When you are buying an old home for the sake of renovation or moving in it after minor repairs, always consider the condition of material and fittings installed. Not everyone is an expert at gauging them and requires professional help for this. So, we recommend consulting a reputed property advisor as well if you are planning to buy a property in Banswara or flats in Kottayam, where there is a rapid growth in real estate investment. This way, you can make the most of your money and make your investment really worthwhile.
We hope this post on various factors deciding the value of a property is helpful to all the buyers and sellers. Buying a property is a big investment and requires careful consideration. Hence, we keep these factors in mind and make sure you close the best and the most profitable deal.
Good Luck!
