As a result, it wouldn't be unfair to demand a greater fee, particularly if you've been given a high valuation.
Is it in a neighbourhood that is highly desired by potential homeowners because of the amenities?
These are some of the factors that might make a property extremely desirable
and appealing to a large number of potential purchasers.
3. Conditions of the General Property Market
Another factor to analyze is the property market's demand and supply trends.
Property companies check to see whether buyers favour properties in a specific neighbourhood over those in other areas.
However, if almost every other house in the region where a property is located goes on the market at the same time, it will be more difficult to persuade potential buyers that yours is the better choice.
3. General Demographics
Is the property in a region where the majority of the residents are expatriates?
Then smaller, more compact high-rises, where people can be part of a bigger community and have various levels of protection, would appeal to buyers.
Prospective purchasers may choose larger homes to accommodate more people if it's located in a neighbourhood with young professionals and expanding families.
4. The Property Itself
A larger property (with a bigger floor area) will, of course, fetch a higher price than a smaller one in the same neighbourhood.
If the property offers any extra features, such as round-the-clock security, swimming pools, gyms, and/or parking spots, purchasers will be ready to pay a higher price merely to have them.
People's purchase decisions will also be influenced by whether the property is freehold or leasehold.
The owner of a freehold title owns the property permanently, but the owner of a leasehold title
loses ownership after the lease term expires.
As a result, more individuals are opting to own freehold properties.
5. Recent Renovations
The value of a property will be affected if there have been recent modifications
, especially big ones like upgrading materials or erecting a partition in one section of the house to create more private rooms.
Even little improvements to improve and enhance the overall quality of the property for the future owners will lead to a higher property worth.
In a Nutshell
Property valuation is an important aspect of the buying and selling process that many people neglect.
Greater knowledge of what makes your property more (or less) valuable might aid you in sustaining the long-term worth of your property or in making a purchasing or investment choice