Property Value & Property Price
There are numerous different factors that affect property value, but before saying more about them, it is important to mention that a property value differs from property price. Property price is the amount of money that has been paid for the property, while property value is the worth of the property, usually assessed by a professional property appraiser.
The Property Appraiser
Different individual professional valuers or property appraiser can value property quite different but in the end, all of them will evaluate property based on the following elements.
1) The view
One of things that majority potential buyers look for in a property is the view. Property with amazing clear view will definitely achieve greater value then the one that has blocked or ugly view (view of a garbage area, for example).
2) Location of the property
Location is definitely very important factor for property value. Property in a good neighborhood, for example, a property by the sea will definitely have higher value then one in a rural area.
3) Level of the apartment
If you are selling an apartment, floor level will have same value as property view for houses. In a building without elevator, higher floor will mean lower value and on contrary, higher floor will mean higher value in a building with elevator because higher floor means less noise from streets bellow, better air quality and more air in general, etc.
4) Access and amenities
Property value is higher if your property is near important modes of transportation, such as subway station or bus stations. On the other side, good access to supermarket or a mall will also have positive impact on property value.
Neighborhood is connected with the property location and will affect the property value in the same way. If good kindergarten and schools are in proximity, this will mean good neighborhood and higher property value. Some people also value high proximity to their church.
6) Property prices in the neighborhood
Achieved price of properties in the neighborhood will generally affect value of the property you are looking to buy. Of course, exact price will be affected by the property’s size, interior and facilities.
7) Property layout
If buyers are looking for a certain layout in the house and your property doesn’t fully correspond their idea, they will instantly calculate costs of renovations into property price-and this will have direct affect on property’s value. These days people also take into consideration sun’s position in regard to house, when they consider value that property has for them.
8) Condition of the property
If property requires lots of renovations and investments into getting it in a living condition, this will inevitably affect property’s value.
9) Plans for the neighborhood
Property that lies near the location of future amenities will definitely achieve better price and have higher value when these amenities are built. This is something to be taken into consideration.
Again for the apartment-facilities in the condominium are important factor for the apartment value. If condominium has a gym, a wellness and spa area, this will definitely positively affect the property value.
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