While selling a home, it is important for you to understand the factors that determine the valuation of the property. To help you in your decision-making process, we list a few factors that can affect a property’s resale value.
- The proximity of the location to workplaces, hospitals, shopping areas, schools, etc.
- Availability of public transport facilities in the area
- Infrastructural developments such as the presence of roads, flyovers, malls, bus terminals, airports and other facilities in and around the location
- Connectivity of the location with prime destinations in the city/town
Condition of the Property
The condition of a property is another prime factor that determines the resale value of the property. A property that does not look well taken care of will reduce buyers’ confidence in the said property. By keeping your property well-maintained, you will keep its value high.
Renovations also play an important role in the valuation of a property. Thoughtful and smart renovations will positively impact the value of the property. For instance, increasing the number of bedrooms or the size of the room is a good move towards increasing the value of your home.
Resale value of a property is also based on the availability of facilities in the property. Properties with modern amenities such as jogging tracks, landscaped areas, children parks, swimming pools, gymnasiums, parking lots, general stores, sports facilities, etc. will have a high value.
By future prospects, we mean the new infrastructural developments that will take place in the area in future. If a new project is coming up in that area, it means that the price of lands or properties in that area could increase.
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