What are critical factors that influence a property’s market value?
If you want to sell or buy a house, it is necessary to know the real value that reflects the price of the house and determine the factors and specifications that contribute to creating its value. In this article, we will shed light on the most important properties which are usually closely considered when deciding to buy or sell a house.
The house location is one of the most important factors that play a fundamental role in estimating the value of the house. Having a home in the city center and close to the public services, such as schools, hospitals, and universities, encouraging higher demand for this house, which in turn reflects at a higher price. In contrast, in remote regions, the house prices are usually low, as they don’t provide easy access to public services, as in the city center.
Moreover, having a house in a region where you have easy access to public transportation can be a big advantage to move between the city’s neighborhoods. So if you are someone who wants to buy or sell your own house, you should take those points to ensure a fair deal.
The house area and the number of rooms
The total area of a house is also an essential factor in assessing the house value. A large house will be more suitable for families and their needs. The number of rooms in the house is also an essential feature. The family usually needs at least two bedrooms, one for the couple and the other for children, as well as the setting room. Also, some houses include two bathrooms, which is an extra advantage.
So, a large house area with several rooms definitely is a crucial factor which increases the house value.
How modern is the house?
If you live in a newly built house of no more than five years, it often enjoys an excellent situation in terms of paint, kitchen and bathroom equipment, and good internal electricity, water, and sanitation infrastructure. Not to mention, its earthquake-resistant building designs. Those features contribute in one way or another to a higher market value of the house compared to the houses with old buildings.
Inside a residential complex
Having a house in a new residential complex is a major advantage that is clearly reflected in the house’s market value. The residential complex provides you with many high-luxury services, such as a 24-hour safe system, cleaning service, places for entertainment, and sports areas. It also provides a playground for children that provides them with a suitable environment to enjoy their time just close to your apartment.
Private car parking
Private car parking can be another factor that contributes to set a high price for a house. Providing private parking for your car avoids paying side costs in a paid parking lot or leaving your car unsafe.
Private parking is necessary for people living in remote areas, where public transportation is difficult to reach, so they have to use their own cars and keep them safe in their private car lots.
Unique house design
A house design also plays an important role in the evaluation of its market value. The design is usually divided into the interior side, which includes the rooms’ layout, the quality of the materials used, and the external design, which represents the exterior of the building. The more luxurious and distinctive the design is, the higher the house’s market value is.
Including a balcony or garden
Some houses include balconies or small gardens, providing a suitable environment for family meetings or space for children’s entertainment. Therefore, having a balcony or garden inside your house is considered an important factor that ads a real value to your house and contributes to setting a higher price for it.
Your apartment might enjoy a stunning view of sea or lake directly or might overlook green forests that reflect a special beauty at night, of course, this is not for free, an apartment such this usually are much more expensive than those without a beautiful view, or located in narrow and crowded streets beside each other.
These are the most important factors that usually taken into consideration by professional real estate agencies to be able to estimate the real value house accurately.