The worth of your house is determined by the amount that buyers in the market are willing to pay, and every buyer is different. For example, one buyer considers the infrastructure of the home and its internal and external conditions, while another considers ease of movement, easy access to medical facilities, good educational institutions, and job opportunities.
Therefore, in this article, we have designed an overview of the value of a home and the factors that significantly affect its value.
Location
The location of your home or residential property should be an ideal one. The ideal location gives you easy access to all the necessary amenities available, like a commercial market, medical facility, or educational institution. On the other hand, the buyer considers the location of the property in Lahore based on these criteria: premium educational facilities, emergency health care, hassle-free access to commercial markets, and many recreational activities.
In short, the value of your residential property is determined by where your property is located. Location is a key factor when it comes to why some properties have higher rates than others. In addition, if the property enjoys a beautiful location it will give you easy access to everywhere in the city. Therefore, when determining the value of a residential property, the location of the property is very important, so buyers sometimes ignore the interior and exterior design, size, and maintenance conditions of the house.
According to Lahore Smart City and DHA Lahore, enjoy a prime location adjacent to the Lahore International Airport, the Lahore-Ring Road, which gives easier access to anywhere in the city.
House size and usable space
Another very important aspect of determining the value of your property is the size and space of the house. The larger the house, the greater its value. In general, the approximate estimated value of a residential property is determined using the cost per square foot formula. Here, the cost of selling a residential property is divided by the square feet of residential property.
Besides this, livable spaces such as bedrooms and bathrooms attract appraisers and buyers. Bedrooms and bathrooms are the most valuable features of a residential property. The more bedrooms and bathrooms you have, the higher the value of your residential property. However, these traditions and trends are limited to specific regions.
In ongoing mega real estate projects such as Naval Anchorage Lahore, Lahore Smart City, and DHA Lahore Phase 9, their development master plan emphasizes that the homes will be smartly designed according to modern needs and requirements.
Updates and upgrades
To further increase the value of your property, if your home is an old building with old features, you can increase the value of the value of the property by updating and upgrading it. However, the important point to emphasize here is that not all home renovation and improvement projects are created equal.
Adding a swimming pool or wooden floor to an already high-value residential property will increase the market value of the residential property even further. On the other hand, if a kitchen remodels is made or more bathrooms are added to a less valuable property, doing so greatly increases the market cost value of the property.
conclusion
In short, you need to educate yourself on the components that determine the value of your home in order to avoid mistakes or inaccuracies while selling your DHA Multan home. Also, using the checklist above to generate an estimated price for a residential property can actually attract and lure only buyers interested in buying the property, and avoid wasting resources.
