When discussing the factors affecting property value, our major focus is mostly on its location. Of course, the significance of location can never be underestimated because it is the most important factor that determines the actual worth of property. However, there are other details that also require your attention, such as the curb appeal, market value and living condition of the property you are dealing in.
Knowing More about the Factors Affecting Property Value
One thing that matters most while dealing with real estate of Pakistan is the actual value of a property. Prices, of course, vary, depending upon the different features of what you’re planning to buy. Now, it’s time for us to learn more about the important characteristics of a particular property that cause its price and value to go up or down.
Of course, location secures the first spot on the checklist of factors affecting property value. Real estate in urban areas is, understandably, expensive as opposed to rural areas. So, how to find out whether a location is suitable or not? Proximity to parks, schools, shopping places and easy access to the city centre adds to a property’s value.
If you search for residential properties for sale in Karachi on Zameen.com, you will come across many popular areas like Clifton, DHA, Saddar and Jamshed Town. Similarly, if look at the list of residential properties for sale in Lahore, you will find areas like Johar Town, DHA, Cantt and Model Town. All these locations in Karachi and Lahore are considered ideal and the properties here usually expensive. These findings further highlight the importance of location while dealing with the real estate of Pakistan.
After location the next thing to consider, usually, is the condition of a property. Whether you are buying a product or a living space, you want it to be in good condition. A well-maintained house, no matter how old or new it is, will always be preferred over a house in a bad state.
There are certain things that have to be taken care of when maintaining a house like if your house is in need of a paint job or not, check for the condition of walls both inside and outside your property and also inspect if all the fixtures are in place.
In case, if you come across any broken or damaged items, then try getting those fixed on a priority basis. Plus, check for possible plumbing leaks as water seepage may cause substantial damage to your home. This unfavourable situation could considerably bring down the value of a particular property.
Curb appeal is one of the most important factors affecting property value. To add some extra appeal to your property, you can work always work on enhancing its overall appearance. A few simple changes and modifications can make your property look more attractive.
For example, if you have enough space, you can always work on the aspect of gardening on your property. A decorated driveway or veranda can effectively make a house more visually appealing. Make no mistake, curb appeal matters a lot when it comes to valuation. If your house looks beautiful, you have more room to increase your asking price while selling.
Would you ever buy a house in a notoriously unsafe area having fluctuating property market? Of course, not. Everyone desires to live in a secure home. As far as the factor of security is concerned, it greatly depends on the location of a particular property.
The emergence of gated residential communities is a new trend in major cities of Pakistan. These places offer gated and guarded environments and, consequently, have higher value in the real estate of Pakistan. Moreover, state-of-the-art alarm and security systems these days provide relief to both buyers and sellers because, again, the safer a property is, the more in-demand it is.
This factor also greatly influences property value. The performance of a particular real estate market is judged by the number of properties being bought and sold during a particular time period. Increasing and decreasing rates of property units also come into play while analyzing the performance of the property market. However, you can always come across interesting variations in property trends in Pakistan as the time goes by.
To effectively follow the changing property trends in Pakistan that occur on a monthly basis, you can always visit Zameen’s trend section. If you scroll through the trends section of Zameen’s website you will come across a list of the most popular areas in different cities to buy property. In the same way, you can always check out the Zameen’s property price index page to get to know about the changing rates of the most in-demand properties.
Price index and trends section on the website can give you a good idea of how well the property market is doing and if it’s feasible to buy or sell something.
Have you already prepared your checklist of factors influencing property value?
It is a good practice to create a checklist for property evaluation. In fact, these are all very general and basic characteristics on the basis of which the worth of a particular property is assessed. Being aware of all these important aspects will help you judge if a deal is worth entering or not. If you have plans to sell a property, you would have a better idea as to what is required to earn more profit.