Whether you are going to buy or sell a property, you must ask yourself several times “ What is the exact price of this property”. It is not only you; rather, all people hesitate at the time of determining the exact value of the property.
Location of the property, the infrastructural development in the area, and the economic condition of the country are the major factors that influence the price of a property. Besides these factors, there are lots of factors that you should consider at the time of fixing the cost of the property. Let’s have an in-depth look at those factors here.
Location of The Property
Nothing is more important than the location of the property at the time of fixing price. You can easily change or improve the condition of the existing property with little investment. But, it is tough to change the location. The closeness of public transport, proximity to the city centre, restaurant, and educational institutions increase the price of the property.
Your children need a quality education to make the future bright. So, people want to buy a property or home where there are enough educational institutions. The sellers can set higher prices if the location of the property is next to the educational institutions.
The job opportunity of the location is another useful factor at the time of choosing the location. So, it becomes best if you consider the closeness of the commercial or industrial area at the time of buying a property. You should not buy a property where the unemployment rate and crime rate are high.
The Demand and Supply Of a Given Location
We all know the law of the demand and supply “ When the demand rises, the price of the product also rises”. As a buyer, you have to pay more where the number of properties is low, and the number of buyers is high.
The Economic Condition of the Country
Many people will change their mind after the Covid-19 pandemic as the GDP of most countries will drastically decrease. As many people have already lost their jobs, the Housing Affordability Index will fall in the next few years.
So, you should not only follow the expectation of you at the time of setting price but also watch job growth rate, the housing affordability index in your location. The time-lapse of selling a property rises if the buyers fail to set the asking price of the property.
Condition and Age of the Property
Regardless of the aesthetics of the property, you must gather information about the present condition of the property. The structural integrity, the state of water supply, and the status of electricity supply mostly affect the price of the property. As a seller, they should fix the damages of the features before listing their properties.
The building materials and other things of the properties destroy over time. You need to restructure the home if you buy a property that is out of the builder’s guarantee. Before buying a home, confirm that the builders have followed the building codes of local authorities.
The Unused Space of Home
Sellers can demand high prices and the buyers want to pay more if the property has more unused space in the house. You can build an inground pool or grow your favourite plants in the remaining space of your home. The availability of a garage also affects the price of the property.
Final Remarks
These are the most common factors that directly influence the price of the property. It is quite impossible for a person to gather all information related to a property. So, you should take the professional service of real estate agents or real estate attorneys.
Like others, technology has made it easy to find a property in the desired location. You can collect the information of thousands of properties with real estate search portals. Thailand Housing Market is one of the most popular platforms to find your home in a better way. Just enter the area or zip code and filter the price; it will show hundreds of properties with relevant information. I hope you will easily determine the price of properties now. Happy buying!
