Property value in real estate depends on many factors. Many people see it as a game of demand and source. Like Pakistan currently needs ten million housing units. According to a conservative approximation, if the population continues to grow at the same rate, this number will continue to upsurge by 300,000 housing units each year. That is to say, for ease of understanding, it can be said that there are fewer housing units and more people wanting to take up residence. Therefore, according to experts, the value of any property will increase over time.
Similarly, many people assume that only location plays a role in the value of a property. They argue that if you own a property in a developed area, the value of your property will be up to eight times higher than in a comparatively less developed area. This is because being in any planned community, your home is close to many resources and facilities that are far away from people in uninhabited areas or villages.
Today’s article is based on all the factors that can affect the overall financial cost of a house.
House size
Plot size is probably the most important factor in determining the value of a house in residential real estate. Housing demand in Pakistan is the highest in the world. In this fifth largest country in terms of population, land prices are rising day by day.
A closer look at the property trends of the last three years reveals that people are now slowly moving to smaller homes. Not only are small houses relatively easy to clean, renovate, and have a high resale value, but most of the demand for residential real estate comes from middle class individuals.
Nearby facilities
Everyone is aware of the benefits of living in a planned community. Houses built with an integrated plan, wide roads, uniform design, and significant differences in commercial and residential premises are the points that play an important role in the property value there. Housing societies built under a plan look very good and beautiful. Because the houses are of the same design, people cannot differentiate between them at will.
Of course, those who prefer the expression of aesthetic tastes will be a little confused that they cannot adapt their house to their own nature. But other people avoid a lot of thought and loss of capital. The property value here is higher than other places because you can get basic necessities in one place, such as grocery stores, schools, shopping centres, banks, retail parks etc. in a specific premises. There is definitely an amnesty in the planned community that gives it a standout feature. For example, a lake view point, a golf course, a mini cinema, etc. Because of this, the people of the Planned Parenthood can enjoy a full residential lifestyle experience.
Location
Location is, according to some, the most important factor in determining the value of a property. By the way, there are no two opinions that people should carefully consider the location of this property and the surrounding facilities before investing anywhere. Where is this property, whether it is near or far from the city and all the necessities of life, whether the surrounding areas are inhabited or not and how many traces of development projects here in the coming days, development agencies How much attention will be paid here? These are all questions that, if answered positively, will increase the value of the property. Similarly, if a property is in the suburbs of the city and not in the central area, far from schools, colleges, major highways, hospitals and shopping centers, then it will be available at relatively cheap rates.
Property condition
The condition of the property is also important in terms of pricing. Usable space and home size are also important aspects here. If the condition of any house is such that you can pay the price today and live in it tomorrow, then the price will be relatively high.
Such a property is generally called a liveable property, meaning that it can be occupied immediately. Conversely, if a house is in such a state that it is uninhabitable, that is, it has to have a lot of renovation and renovation work, then its value will not be so much.
The potential for upgrading
This is a technical aspect which requires a little more attention than all your other points. If you are buying a house and the house has the potential for arbitrary upgrade, that is, the house can be further improved to some extent, then this is also an important aspect which has a great impact on the pricing. Buyers are likely to call everyone who looks appropriate, if there are only a few. Conversely, if there is room to change a property and improve its condition by spending a small amount of money on it, then its financial value will be higher. Some people call this process house flipping in which people buy property which is not in good condition. Since such a house is cheaper than other houses, investors buy this house and then fix it and sell it at market rate.
