Are you planning to buy or sell a property? If so, you’ll need to know the value of the property. Determining your property value depends on several factors; anything from the willingness of the potential buyers to real estate changes, these types of factors can influence the value. It’s important to understand the driving force that can increase or decrease the value of a property. Here are some of the factors that affect the property price:
1) Size and Space
The property size and usable space have the highest impact on the price. The market value of a property depends on the square footage. The total square footage helps determine the overall price. Apart from the square footage, the amount of usable space available also impacts the value. While calculating the usable space, you need to leave out areas such as attics, unfinished basements, and garages. The number of usable areas such as bedrooms and bathrooms tend to increase the value of a property.
2) Age and Present Condition
The age of the property can play a vital role in determining property value. Buyers tend to look for newer options as they may not require as many repairs or renovations. However, the condition of the property also matters. Buyers may prefer to choose an old and well-maintained structure instead of a newer one with major renovation needs.
The location of the property can most definitely impact the value.
Things such as a peaceful neighbourhood and nearby amenities can be very important when choosing a property. Therefore, a good neighbourhood with amenities at an accessible distance can increase value. Prooperties in well-developed and prominent suburbs also have a high value compared to lesser developed places.
4) Supply and Demand
Like any commodity, the push and pull of the supply chain can impact the property value. High demand with limited supply can hike up prices of properties. This is because more people may tend to show interest in these properties. Similarly, a place with a high number of available properties may incite less interest in potential buyers. Therefore, value goes down.
When the property has a good location in relation to nearby amenities, the value increases. This is perfect for working professionals or families with children. It can also become the ideal property for future investments. A centralized location with access to different modes of transportation generates more interest in buyers.
Working with a trusted real estate agent like Sukhjit Combo by your side, you can keep up with real estate market trends, interest rates, and other factors influencing the property value. Thus getting a more accurate valuation and appraisal of your property before listing it in the market.