There are many areas that influence property values. Your real estate agent is the best source in understanding your exact property value, however, here are a few factors that will affect your property value and should be considered.
- Location
As they say – location, location, location! The location of your property may seem like the most obvious factor affecting value, but it is key in determining the demand and value of the property. Is the property close to the city or in a sought-after street? What is the reputation of the area and are there good schools are all questions to considering the properties value.
- Supply and demand
How many properties are on sale versus how many buyers there are – supply and demand will have a major impact on property prices.
- Size and facilities
The size of the property is, of course, important and will influence the value. Next to space is the need for facilities such as the number of bedrooms, bathrooms, outdoor entertainment areas or garages. Swimming pools and extra features may impact value. Depending on the area, simple considerations such as the absence of parking will be a critical factor in determining the property’s value.
- Aesthetics
First impressions are very important in quick moving markets – and of course, these make an impact on the value of the property.
- Room to expand or building approvals
Is there space to expand the property – perhaps a second floor or a spare bedroom? This value-added space can add value to the property. Likewise, if there are already approved plans to improve, expand or add to the property, buyers could be more interested – upping value.
Are you looking to sell your property? Contact the YNM real estate team today.
