A property purchase is more than arranging housing finance and putting a down payment. Rather, it\u2019s the tip of the iceberg. Making the rightful purchase requires you to be aware of the residence\u2019s fair valuation. Is it too overpriced? If so, then why? Will it be worth your investment?<\/p>\n\n\n\n
To answer such doubts, you must first know the various factors which affect real estate value. These will help you understand if the property you want is affordable and worthwhile.<\/p>\n\n\n\n
Here are the top five factors influencing the value of residential property.<\/p>\n\n\n\n
Location is one of the most significant factors affecting value of residential property, if not the biggest one. Properties located in well-developed neighbourhoods will usually cost you more than the ones in underdeveloped locations. Apart from the area, other factors influencing a property’s value include:<\/p>\n\n\n\n
Additional Read: <\/strong>Top 12 Places To Buy A New House In India in 2024<\/a><\/p>\n\n\n\n Would you choose a housing unit without proper roads, bus stops, shops, etc., nearby? The answer is quite clear.<\/p>\n\n\n\n The surrounding civic and social infrastructure also affect the property price significantly. Thus, a property with airports, hospitals, schools, metros, malls, flyovers, etc., in the vicinity will have a higher value.<\/p>\n\n\n\n If such a property isn\u2019t in your budget, don\u2019t worry. You can opt for a home loan<\/a> <\/strong>from a reliable lender and get the required funds to purchase your dream home.<\/p>\n\n\n\n A residential property valuation is typically indicated by its price per square foot – the housing\u2019s total sale price divided by its square footage. Say there’s a 2,000 square foot property priced at Rs. 36 lakhs. Then, the property’s cost per square foot would be Rs. 1,800.<\/p>\n\n\n\n This indicates that the bigger the property, the higher its value. In addition to the overall square footage, the number of liveable spaces like bedrooms and bathrooms also influences real estate cost.<\/p>\n\n\n\n A residence\u2019s age and condition are also important factors for its valuation. Newer properties are usually worth more since they need no repairs and renovations. However, more than the age, it’s the condition of the property that matters the most. A decade-old property that is well-maintained can cost you just as much \u2013 sometimes even more \u2013 than a new one.<\/p>\n\n\n\n Finally, the property’s paperwork also affects its valuation. Documents such as Sale Deeds, Title Deeds, verifications, clearances, property tax receipts, build certificates, etc., prove a property\u2019s legality. Thus, they are vital to the evaluation process. With these documents secured, a residential property will have a higher value than the one riddled with awaiting approvals and pending documentation.<\/p>\n\n\n\n Additional Read:<\/strong> <\/strong>How to Calculate the Resale Value of Your House<\/a><\/strong><\/p>\n\n\n\n Need housing finance to buy your dream house? Get hassle-free and quick loans at Tata Capital to get the funds you need. Our easy eligibility terms, attractive home loan interest rates<\/a>, and competitive financing options will help you purchase your desired property in no time.<\/p>\n\n\n\n To know more about our offerings, visit the Tata Capital website<\/a>.<\/p>\n\n\n\n2. Surrounding infrastructure<\/strong><\/h2>\n\n\n\n
3. Space and size<\/strong><\/h2>\n\n\n\n
4. Condition and age<\/strong><\/h2>\n\n\n\n
5. Paperwork<\/strong><\/h2>\n\n\n\n
Turn to Tata Capital<\/strong><\/h3>\n\n\n\n