Factors that Affect Your Property Appraisal
If you are thinking, why prices of properties are increasing so much?? then, here is the answer: there are many factors which defines your property value and affect your property appraisal.
Valuation of property is very important process, involved either in Home loan application procedure to buy a home or if you want to sale your property. To make a complete valuation of your property, it is advisable to appoint a authorized and licensed property valuator.
To access accuracy in the property valuation process, you should always consider some factors which will help you to make property appraisal. These factors are as follows-
Location of Property:
Overall value of your property is all depends on the location of same. Location is a key factor that defines worth of property. As we know, the rates of property are vary from location to location.
For example, buying a flat in city near by commercial and market area is always worth more than buying a flat in outstrick area of city.
Connectivity to the nearby facilities like school, college, workplace, market etc. is most important for every home buyers. It is helpful to increase the value of your property.
Basic infrastructural facilities like, roads, electricity, water supply, etc are makes your property worth. The absence of any of the above facility will bring property value down.
In outstrick areas of city, there is lack of infrastructural facilities and the prices of properties are also low. It will make your property cheapest. If you choose a location like within a city, the rate of property will automatically increases.
Reputation of Builder or Developer:
Builders’ reputation and credentials in market is always a key factor for your property. Their credentials are always increase in the value of your property. Reputation of builders are always depends upon their creations and project, quality of construction, financial management skills and many more.
If you are going to buy a property, it is always advisable to check the reputation of builders and its projects. It will help you to make your property worth.
Quality of construction speaks a lot at time of valuation of property. Project’s design, architecture, quality of material used to built can find the value of property.
Method of construction is also a very important factor for construction. Managing a construction in a given period of time will brig the reputation of developers up and indirectly leads to increase in value of property.
Area of property:
Area in terms of sq.ft. of course is important factor in property valuation process. More bigger area of property, more the price for same.
In area, you should know the terms such as Build-up area, Carpet area and Super-build up area which will decide the exact total area of your property.
Total area including parking space will make your property value accurately.
Property Features and Specification:
Features, amenities and specifications provides by builder determines the level of the property. Luxurious amenities like swimming pools, golf course, play areas and many more will worth your property high.
Also, specifications in kitchen, bedrooms, bathrooms, living room etc also define the value of property. More the features and specifications determines more value of property.
If builder provides extra unique features or specification for property then it leads to high value of property. Many builders in now a days are providing unique features like Home Automation remote control services etc. leads to worth your property.Google+ image
Category : Flatons Advisors Blog