Location
In the concrete estate complication, it is sometimes joked that the three most considerable factors when buying a group of Belongings are mark, end and mark. The purpose of a Belongings is the most essential aspect that determines its price. Address determines the type neighbourhood a Belongings lies within, and the Belongings's access to essential necessities such as parks, shops, theatres and libraries. Lifetime located in a choice neighbourhood generally resources one Testament familiarity less crime and potential evidence preferable gains in the charge of their genuine estate over eternity. Indeed, address is so valuable that an empty group in an upper-scale neighbourhood can be price far else than a quantity with a large home in a less desirable neighborhood.
Physical Characteristics of the Property
Perhaps the most obvious determinant of a property's value is its physical characteristics and appeal. In general, the larger a home is in terms of square footage, the more the property will be worth. A premium is also placed on certain home features; a well-modeled kitchen and bathrooms, and having extra bathrooms, usually increase the value of a property more than other additions. The outdoor aesthetics of the house--landscaping and general curb appeal--are also important factors. Oftentimes the features that raise or detract from the value of a home come down to the preferences of the buyer. For example, if a home has a huge wine cellar, it might not bring in any extra money from the average buyer, but a wine connoisseur may be willing to pay an extra premium for the special feature.
Conversely, when there are many homes for sale, few buyers in the market, home prices will fall. The availability of mortgages and interest rates can also affect the demand for new housing. When mortgage rates are higher, and lenders are being more conservative about whom they lend to, the number of people looking to buy or able to buy property will be reduced, resulting in lower home values. The impact of market forces is another reason buying property in a good location is so important: Homes in more desirable locations tend to withstand losing value more than homes in less desirable areas.
