Key Aspects Affecting Property Value
When we think about what affects property value, there are so many things that come to mind, and we want to summarize the most important points for you. Im sure you have probably heard the saying Location, Location, Location, well that is still the most important factor affecting property values today.
Whenever we come up with our opinion of value on a property we often start by looking at the comparable properties that are currently for sale or that have recently sold. Here are some of that factors that affect the property value the most:
Proximity to Work, Schools, Hospitals, and Markets
Proximity to significant sites is a major player in property appreciation, especially if the commute can be easily done on foot. When a property is far from commercial centers, it increases the time people spend commuting, which can result in a loss of productive or rest time, leading to depreciation.
Size of the Property
Larger properties tend to be more valuable. This is due to the higher price per square meter, which increases even more if the property is near commercial centers and has excellent security.
Condition of the Property
With time, properties can develop issues, usually due to use or different reasons. To prevent depreciation, it is important to invest in renovations to maintain or increase the property’s value.
These factors above will help us determine an estimate of Market Value. “Market Value” is defined as the highest price estimated in terms of money, which a property will bring if exposed for sale in the open market. Allowing a reasonable length of time to find a purchaser who buys the subject property with knowledge of the uses to which it is capable of being used.
Even if you are not considering selling your home, we at Unna Real Estate believe that its always a good idea to know your property’s value. We’d love to send you a full analysis of your home’s value. You can get one here.
