It can be a challenging task to price a property accurately; whether you are looking to sell or buy. Even if you are some experience of how real estate markets operate, it is possible your initial evaluations could differ from current home prices. Knowing a home’s true value can help you secure a better deal by fetching a reasonable price.
If you are looking to purchase a 2 BHK flat in Mumbai, you can consider properties such as Sunteck City and Marina Enclave. This article can help you understand the key factors affecting the market value of homes.
The location of a property is a crucial factor which can decide its value. Proximity to good schools, higher educational institutes or hospitals with critical medical facilities nearby can have a noticeable impact on a home’s market value. Likewise, if your locality is well connected to other main parts of the town, it can work to your advantage.
Must Read: Real Estate Investing Tips For Beginners
Other factors such as recreational centers, shopping complexes and local markets in the vicinity can also play an essential role in determining the value of a home.
– Parking Space
The lack of parking spaces is a significant concern, especially in metropolitan cities. Most people today own vehicles and prefer properties where they are allotted distinct parking spaces. Thus, parking space availabilities can act as a noticeable decisive factor in the rise or drop of commercial or residential property prices.
– Age & Condition
The age of a house is influential in determining its value. Typically, newer homes appraise at a higher value. When crucial parts of a home such as a roof, appliances, plumbing, electricals, etc. are newer, they are less likely to break down sooner. On the other hand, old-fashioned or historical properties could fetch a large sum but can be a hard sell without requisite upgrades or regular maintenance. Timely renovations, plumbing, new interiors, and modern amenities can heighten the value of your home.
Infrastructural development is a significant factor that plays an instrumental role in determining real estate prices in India. The value of a home can escalate with the presence of better roads, new airports, flyovers, bus terminals, malls and other such facilities nearby. Moreover, if your home enjoys proximity to a commercial or an IT hub, it can have a positive impact on your home’s value.
– The Local Market
The number of homebuyers and properties for sale in your area can affect the price of your home; regardless of the home’s excellent condition, most exceptional location or even premium upgrades in the house. If there are fewer homes in your area and many buyers, it can be a seller’s market. You may have to adjust your home’s price to accept offers nearest to your range. Conversely, if the market has very few buyers and not many homes, you can negotiate your home’s worth on your terms.
If you are looking to purchase a property in Mumbai, you can consider premium residential townships such as Sunteck City and Marina Enclave. These offer luxury apartments with modern-day amenities for a comfortable lifestyle.
If you are in need of financial assistance to purchase flats in Mumbai, you can avail a home loan from Bajaj Housing Finance Limited. It offers home loans up to Rs. 3.5 crores on easy EMIs.