7 Factors Affecting Your Home Price
Property Valuation In Malaysia
If you have plans of selling your home in the future, you are going to need to find out how much your house is worth, yes?
Estimating the price of your property is the first step towards attracting prospective homeowners to take an interest in what you have to offer.ย
Here is more information on the factors that are going to affect your property valuation.
People will be more inclined to buy homes in cases of an economic boom, where employment, salary levels and labour markets are all on the rise.
During these times,ย people will also be more willing to spend more on properties, which will likely drive up the prices.
As a result, it wouldnโt be unreasonable to ask for a higher price, especially if youโve received a high valuation.
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Is your property located in a neighborhood that is highly coveted by prospective homeowners for the amenities, or is a stoneโs throw away from major central landmarks, offices, and buildings of public interest?
Or perhaps itโs very well connected, with a variety of buses and trains which serve the area? These are some factors that can make a property highly valuable and attractiveย in the eyes of many interested buyers.
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Another thing to consider isย demand and supply patterns in the property market. Do check to see if houses in your particular area are preferred by buyers, as opposed to other neighbourhoods.
But, if nearly every other house in the area where your property is located goes on the market at the same time, youโll have a harder time trying to convince potential homeowners why yours is the superior one.
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Is your property in an area occupied mostly by expats? Then they might be interested in smaller, more compact high-rises where they can be part of a larger community and with multiple tiers of security.
If itโs situated in a neighbourhood with young professionals and growing families, then prospective buyers may prefer larger homes to accommodate more people.
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Naturally,ย a bigger property (more floor space) will command a higher valuationย than a smaller one in the same neighbourhood.
If the property has any amenities such as around-the-clock security, swimming pools, gyms and/or parking spaces, buyers will be willing to part with a larger sum just to secure these extra perks.
People are also more inclined to purchase properties with freehold titles.
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If youโve recently made renovations to the place, particularly major ones such as upgrading materials or erecting a partition in one portion of the house to create more private spaces, the valuation of the property will be affected.
Even touch-ups toย improve and uplift the overall quality of the propertyย for the new owners will contribute to a higher valuation for the property.
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