What Affects the Value of Your Property?

Understanding the factors that affect the value of a property can help you maximize the selling price. Here, we go through the most important aspects that real estate agents and buyers look at during an appraisal.

1. Location – The Most Important Factor

Location is a crucial factor that often has the greatest impact on a property's value:

• Proximity to schools, public transport, and services.
• The attractiveness of the area, such as green spaces, restaurants, and low crime rates.
• Future development plans, such as new shops or infrastructure projects, can positively affect the value.

2. Property Condition & Standard

A well-maintained and modern property often has a higher value:

• Recently renovated kitchens and bathrooms are especially sought after.
• Fresh surfaces, such as newly painted walls and well-maintained floors, make a big difference.
• Energy performance and any energy-saving improvements can affect the appraisal.

3. Size, Layout & Balcony

The design of the property plays a big role:

• The number of rooms and square meters affect the value.
• A well-thought-out layout can make a smaller property feel more spacious and functional.
• A balcony, terrace, or private garden is a big plus for many buyers.

4. Association's Economy & Fees

For condominiums, the financial status of the association directly affects the property's attractiveness:

• Low monthly fees make the property more attractive to buyers.
• An association with low debt is more likely to keep fees down in the long term.
• Planned renovations can affect both fees and future value.

5. Market Conditions & Interest Rates

Macroeconomic factors play a big role in the housing market:

• Low interest rates allow more buyers to afford purchasing, which can drive up prices.
• Supply and demand vary depending on the season and economic conditions.
• Economic uncertainty can affect buyers' willingness to invest in property.

6. Improvements That Can Increase Value

There are several ways to increase a property's value before selling:

• Renovations that provide high returns, such as a new kitchen or bathroom.
• Small upgrades like painting, sanding floors, or adding new handles to kitchen cabinets.
• Energy-efficient solutions that lower operating costs, such as better insulation or energy-efficient appliances.

Summary

A property's value is affected by a combination of location, condition, size, the association's economy, and market conditions. By understanding these factors, you can make strategic choices to increase your property's appeal and maximize the selling price.

Want to learn more about how to optimize your property sale? Contact us at Notar – we'll help you every step of the way!