Your home might be a castle of your personal feelings and they might be invaluable. However, you should have a different view when it comes to selling your house. From a buyers’ perspective, they won’t be paying attention to the emotional value of the house.
The value of a house in the real estate market will be calculated based on several factors such as sale listings, market analysis, etc. As real estate is one of the most reliable passive investments for most people, they will look for the value of a property before investing in it.
People seeking to buy luxury flats in Chennai will have certain ideas in mind. They will compare your property with others put up for sale in your neighborhood. They will assess its value over others and make a decision based on it.
In short, it is important to know the value of your house, if you are putting it up for sale. Moreover, the value of your house will not be stable and will keep fluctuating based on several factors. And so, it is important to keep track of everything and stay updated. Here are some of the crucial factors that play a major role in determining the value of your house.
Location of your house:
The location of a property is one of the crucial checkboxes that every buyer will have. Most people will prefer to buy a house situated close to restaurants, schools, shops, public transportation, hospitals, etc. No one likes to take on the hassle of travelling in traffic and so they always go for a house that is situated close to all the essential amenities.
The “Usable” space of your house:
The “Usable” of your house plays a significant role in determining the value of the house. Besides square feet, the usable space in your bathroom or bedroom will significantly decrease the value of your house. People searching for Mannivakkam house for sale on an online platform will also look for usable space in a house keenly.
Age of your house:
Age is another factor when it comes to real estate. Although retro style houses have a different value, not every old building will fetch a higher price in the market. Buyers will be willing to pay more money if there are no major renovation works involved in it. In short, you must maintain your house properly and it should also be built with high quality material. People will choose to buy a 10 year old house that is well maintained and built with a premium range of construction materials rather than a new building that requires major renovations.
Supply and demand:
Supply and demand in the real estate market also play a major role in determining the value of your house. With fixed supply and high demand, prices in the real estate market will keep soaring. Apartments are one of the best ways to increase the supply in the market. By splitting large structures into several smaller units, the supply can be easily maintained.
Compare the prices:
If you want to get a better idea of the value of a property, do a thorough check in the market. Check the selling prices of the properties that are currently. From the buyers’ perspective, if they are looking for a house for sale in Mannivakkam, they will compare your property against the other properties in the neighborhood. Here are some metrics that you should use to compare your house with others:
- Year built
- Square feet
- Number of bathrooms and bedrooms
- Location of the house
- Amenities in the neighborhood
- Type of house
Luxury flats in Chennai should strictly adhere to the building regulations proposed by the government. Constructing a property today involves dealing with tons of paperwork and going through the prescribed regulations. Failing to adhere can result in the demolition of such properties. Therefore, getting planning permissions properly from the government and building them by adhering to the regulations can significantly increase the value of a house.
The economic condition of an area will have a significant effect on buyers’ minds. When the economy is progressing steadily, the chances of people investing in a property is very high. As the buying power of people increases, the number of people who invest in luxury flats in Chennai will be high. The increase in demand will also push the prices up, resulting in more profit for the sellers. However, the increase in the prices of commodities can have an indirect effect on the real estate market.
Try online valuation tools:
Online valuation tools can come in handy while estimating the value of a house. You just need to type in some random queries like luxury flats in Chennai and set the filters according to your preference. It is a simple but effective way to get the best value for your house in Chennai.
The prospect of finishing a real estate deal will become more profitable if you are well prepared. You must do a researched valuation of the market to add more money to your pocket. It is important to look into the factors mentioned in this blog to get the maximum selling value for your house.
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