Top Things that Determine a Home’s Value
Top Things that Determine a Home’s Value
Home buyers believe the physical characteristics of a house will lead to increased property value. But in reality, a property’s physical structure tends to depreciate over time, while the land it sits on typically appreciates in value.
If you are planning to sell your property, The very first step is to assess the value of your home. There are numerous ways in which you can evaluate the real market price of your home. In this article Dr Property will elaborate on some of the methods, which help you to reach the right conclusion.
Sales Comparison Approach
Assess Property Value is the most common method in the India. In this method, the value is assessed based on the price that similar properties got, when recently sold in the same sub-market.
Home size and usable space
When estimating your home’s market value, size is an important element to consider. These include total area, location, the age of the property, the number of bedrooms, overall condition, etc. The value of a home is roughly estimated in price per square yards also depend on the location.
Land value can be calculated from the instances of sale of built-up properties in the locality, considering the shape, frontage on the main road, zone use and plot coverage and floor area ratio.
When it comes to calculating a home’s value, location can be more important than even the size and condition of the house.
