Facilities
Is there a school near your house? Is there a hospital or at least a clinic for emergencies? These are some of the factors that will boost the value of your property with their presence. For families with aging parents, having a hospital nearby would be indispensable.
Being in a self-contained suburb might take away value for people who have a long commute to the city ahead of them, but this might be perfect for seniors who will appreciate the calmer nature of the area. Having a school or even a college nearby would be beneficial for young families as are playgrounds and parks.
If your house is situated near IT parks and other employment hubs, then it will immediately have the added incentive of being viable for commercial leasing too. But it might also pull down the value in some cases due to higher pollution levels, traffic, and noise.
Condition and Design
One of the first questions that are bound to come up is the age of the house. Was it built in the last decade or is it an old house that has been handed down through generations? Buyers will look very closely for repairs and patchwork that have been done, which can affect the valuation negatively.
If the house has undergone re modelling, it can be good or bad depending on the current trend. For example, open plan living is in vogue everywhere today, and if your house has “opened up” recently, then it is going to be in your favour. While heritage houses do command value for their history, it is not easy to find a buyer who will pay the property’s worth and then is willing to spend further to spruce it up.
Economy
Real estate is always sensitive to the overall health of the economy, which is a prime factor that will affect the valuation of your property. It is simple.
Better employment prospects, increased propensity for salary hikes, burgeoning manufacturing activity, and other such aspects are bound to push up the demand for housing, automatically translating to an increase in price. Government legislation and subsidies, particularly about housing, and changes brought in by banks for lending and borrowing can also affect valuation drastically for the good or bad.
Approvals and Paperwork
A final major factor that can decide your property’s value is paperwork. Do you have your licenses in place? Have you got all your approvals? Documents like the Title Deed, Sale Deed, clearances, verification, builder certificates, and property tax receipts are essential cogs in the evaluation process.