No matter whether you want to sell or buy property, it’s essential to know how much your property is worth. Yes, you need to learn about the factors affecting property value. Be it location, facilities, infrastructure, or aesthetics, several aspects come into play when you’re out in the market to invest in properties.
According to an article published in Entrepreneur.com, there are several ways to evaluate your property’s worth. The most common approach is the sales comparison method. Read this article to understand what makes a property value dip and what helps to boost it.
Property size and functional space
Usually, you will find that the market price of a villa home or apartment is mentioned according to cost per sq ft – the whole selling price divided by the home’s sq ft. Let’s take an example. A 1,500 sq ft house has a sale price of $300,000. In this case, the cost for every sq ft will be $200.
Apart from sq ft, a home or villa’s worth is assessed as per the usable space. Incomplete basements, garages, or attics aren’t considered when it comes to functional space for that house. Spaces like bedrooms, living rooms, and bathrooms can increase the value of a property considerably.
Location of the property
A property’s location is one of the most essential aspects affecting the value of that home or apartment. If an apartment is close to schools, shopping plazas, restaurants, transportation, community parks, and other amenities, the value of that property will be more than the one that is remotely located from downtown. If a home or apartment is more accessible to business centers, the value of that property will be higher.
Further, local weather and climatic conditions also determine the worth of your property. If you would like to understand the value of your real estate, you can consult with Sydney Property Valuers Metro near Sydney. For the location, click:
Condition of a property
How old a house is and its condition play a pivotal role when it comes to property value. If you are investing in a new apartment, more customers will like to buy it. That’s because a new villa will not need any repairs or renovations.
Besides a property’s age, the condition of a bungalow or apartment matters when assessing its worth. Homebuyers will not like to pay for a 20-year-old house with no repairs but choose a property that is old but well-maintained.
Proper remodeling and upgrades will considerably enhance your property’s worth, especially if you have an old house or villa. When obsolete features are replaced by modern ones, there is nothing like it. Bathroom, bedroom, and kitchen upgrades will shoot the price of a property significantly. The curb appeal and landscaped garden enhancements will also increase the market value of a property. Improving the garden could shoot up the cost of your villa by 20 percent.
So, if you want to sell your property or even buy one, first understand the factors that affect its value in the marketplace and then decide.