An important thing for property buyers to consider is the
factors which can affect the prices of their potential assets. In particular,
you need to consider the surrounding area in order to get an indication of the
land value. This will help you in when you bargain with residential or commercial real estate agents in
Brisbane. Below are some of the factors that can affect the price of your
property.
Site proximity
One of the main factors is the proximity of locations which
are essential to the tenants. This includes the local grocery, hospital,
school, and place of work. Proximity to parks, libraries and certain commercial
centres can also affect the price of your property. On the other hand, there
are other sites which can negatively affect the property price. This may
include a local landfill or a busy freeway.
Safety and security
of the area
Many people are concerned with the crime rate in their local
area and will avoid those that are considered dangerous. Properties which can
provide safety and security to its tenants are highly valuable. Examples of
these are suburban community with good police presence and security coverage.
Values of surrounding
properties
Neighbouring property prices can also impact the value of
thelot you are planning to buy. This is always taken into consideration when
the owner enters into negotiation with you. It is a good strategy to take note
of the average pricing in the area as this will give you leverage. Ideally, you want to pay a price that is
similar to the surrounding properties.
State of the property
Another factor which is considered by most people is the
current state of the property. Even if it is in an area with a higher land
value, a neglected house or building is less appealing to potential buyers.
Owners may choose to renovate their property order to increase its price.
Buildings which require repairs and repainting can be less appealing to
potential buyers and can contain some hidden damage which can affect the new
owners in the future.
Demand of vacancy
The demand of vacancy usually affects properties within
large cities. This is equal to the number of available job openings in a given
area. For example, a newly constructed office with available jobs can raise the
price of liveable properties nearby.. A transition from one school year to the
next is a time when the demand of vacancy is low. Most students return to their
parent’s home and are less likely to be looking for a liveable space near their
college.
Author By-Line:
Katherine Flowers is passionate about design concepts, commercial real estate and well-being. She does freelance writing for several clients including First Commercial Realty.
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