Overview

The market value of property projectsis its precise value at which it can be bought or sold in the market. It is important for anyone to know it when they are buying, selling or managing the property. The elements that help in determining the property’s value include property size, location, condition, and current market trends. Once you become familiar with these factors, you can make a better decision that can help you reach your financial goal. Moreover, you can have realistic expectations and keep pitfalls at bay. We at Your Property Doctor can provide you incalculatingthe market value of your property.

Factors Affecting Property Valuation

Location: Property valuation is based on location.It dictates its desirability, accessibility, and overall market demand, which affects its price. Whether you are a first-time buyer, real estate agent, or investor, knowing the location can help you make informed decisions when calculating a property value. Property located in a posh area offers accessibility and convenience, and reflects long-term potential for growth.

Amenities Available in Neighborhood

There is impact of neighborhood amenities on property value.These amenities make people’s lives more comfortable and convenient and, at the same time, improves their living standard. For instance,—a property located near hospitals, schools, recreational facilities, entertainment hubs and shopping centres attract more buyers; families prefer properties near parks; young professionals prefer properties near gyms, cafes or shopping malls; and retirees prefer properties near healthcare centres and recreational amenities.

Proximity to Transportation and Infrastructure

Proximity to transportation and property market valueare co-related. Transportation determines the property value in the market. Properties located near railway stations, bus stands and metro stations are more desirable to people. Properties offering easy access to transport links saves money and time both, making commuting more efficient and convenient for people. This accessibility increases demand for such properties, which leads to an increase in property value.

Property Size and Layout

Property size and layout valuationassesses the market value of a property.Both external land area and internal living space of the property impact the market value of the property. This is the reason larger homes have higher prices as they offer more rooms, such as bedrooms or bathrooms and have sufficient outdoor space, such as backyards or gardens.

Market Demand and Supply

Finally, demand and supply in property valuationplay a major role. Larger properties having more square footage are valued higher, as they offer more living space, which is preferred by larger families, or those who need extra room for workspaces, hobbies or storage. For instance,—a five bedroom equipped with multiple bathrooms and a spacious garden has a higher market value than a two-bedroom apartment.