Location: Location will be at the top of the list when considering the factors that affect property value. If the property is in a prime location the price will be higher. Recently sold properties and the community are the basic factors that affect the rate of the property in a specific location. The schools located close to the property and their quality also make an impact to the value of the property. Also note that the properties located in rural areas are cheaper than the one’s in city limits.
Access to Local Transport: Access to public transport is another important factor that affects the price of the property. Properties closer to the bus and train stations, supermarkets, parks and hospitals are commonly preferred by the buyers.
Size and Design: The price also depends on the size of the property, the larger the size the higher in price.For example a two bedroom house is cheaper than a three bedroom house but in some instances the two bedroom house can be more expensive than the three bedroom if the total size of the two bedroom is larger when compared to the three bedroom.
The layout design has an impact on the value too. An open layout looks more spacious and bigger, which makes the buyer pay more for these kinds of layouts.
Age: The age of the structure can also be a deciding factor on pricing. The newer the home the higher the price will be because the construction is newly made and no major repairs or maintenance is required. However there are some old properties which are more expensive than the newer ones because of their historical significance and maintenance.
Condition: The condition of the property matters in deciding the value of the property. Older properties which are maintained well and require less renovation are more expensive than the new properties which require more renovations.
Exterior appearance & View: The exterior appearance of your home is also one of the factors that can help determine the price of your property. If there is a well maintained and good looking garden then one can charge more on the market value.
Potential buyers also consider the view they will see when they look out of the window or balcony. A pleasant view is much more demanding than a blocked view.
Improvements and Re-modelling: Making improvements to the major parts or the most used parts of the property would increase the value of the property. Re-modelling the kitchen and making improvements to the wardrobes and some interior designing would increase the value of the property compared to the current market value.
Water feasibility: The amount of ground water available in the location can make a major impact on the value of the property. Properties located in groundwater scarcity areas are mostly not preferred by the buyers which impacts in the depreciation of the price compared to the market value.
The above mentioned factors can affect in understanding how the value of a property is determined.