Now that you have made up your mind to purchase a house, you will start going through the properties listed in the market. Even though you have several options in the market listings, not every option will suit you. Before choosing a house, you should have a clear idea about its market value.
If you approach a real estate development team, they will analyse the value of a property based on several factors. Your ultimate goal is to find a property that provides the best value to our investment. Knowing how to calculate the value of a home is very important as it can help you save a ton of money. Here are some factors that determine the value of a property:
Location of property:
The location of a property is very important as several other factors depend on it. The geographical position of a property will have a significant effect on its overall value. In other words, the basic infrastructure and amenities will also determine the value of a property. The neighborhood’s value is also based on the schools and hospitals located as married couples will plan on sending their child to a reputed school in their locality. Here are some factors that make up for a good location for property hunters:
- Highly rated schools
- Well maintained roads
- Well populated neighborhood
- Well lit streets
- 24/7 water and electricity
- Low crime rate
- Not located on a busy street/road
Materials used for construction:
Materials used for construction are very important as they will determine the longevity of a property. High quality material should be used to build the foundation of a house as it cannot be renovated as other parts of the house frequently. If you come across a house that has been listed for a cheaper price and has a ton of repairs to be made, you should consider avoiding it. Villas in Mogappair will be built with state of the art materials for overall efficiency and safety. Here’s what you should look for in the structure of a house:
- Fully upgraded electrical components built with zero hazardous methods
- Ensure that new electrical components are installed
- You can also consider asking for a newly upgraded roofing from the house owner before purchasing it
- Check the quality of wood in windows and doors
Consider the age of the property:
One cannot expect to get newly constructed houses in every neighborhood. Both new and old homes have their own advantages. Houses that are built within the last 10 to 20 years will give fewer problems to their residents comparatively. Apart from these, older homes will more likely give you problems with electrical circuits and pipe leakages. However, if you go for properties that are located in historic locations, they would have been maintained meticulously for years and will have a higher value.
Design elements incorporated into the house:
The overall design of the house will also push the price above the average line. Some house owners will emphasize the design elements and would have incorporated several unique designs which would have cost more. Designs incorporated into a house can range from trendy decors to wall finishes. If you are looking for a house for sale in Ayanambakkam, you should also pay attention to the designs incorporated into the house and it will increase the overall price of the property.
Number of bedrooms in the house:
The number of bedrooms in a house will increase its overall value as it will add weightage to the value comparison. In general, one bedroom rooms cost lower than others in the market in almost every scenario. You can choose the number of bedrooms in the house based upon the size of your family. These simple calculations can help you cut off a major portion of your expenditure.
Air circulation:
The number of windows inside your house and trees outside your house is also an important factor as they will give fresh air every month. Instead of entirely depending on the air conditioner, you can opt for fresh air as they are healthy and will help you save a lot of money. If you are opting for a house with an outdated or poor ventilation system, you are losing out a lot in the long run. Discuss with your real estate developer for better choices and get more value for your investment.
Storage space:
Storage is another important area that you need to look into. If you have a usable loft, you are getting more value. Many home buyers will often look up to more storage space as it will be helpful to store things which they need in their day to day life.
Nearby amenities:
Nearby amenities include beaches, lakes, parks, theatres, malls, etc., as most people will look up to them. However, it is better to avoid properties that are located in industrial areas, landfills, power plants, etc., as they will cause more harm than good. Choose a top notch real estate developer to purchase a property from an ideal locality for your family.
Conclusion:
By analysing the aforementioned factors while property hunting, you can easily narrow down the ideal house for your family and can purchase it at an unbeatable price. Strategically use them to get the best value home for your investment.
