Buying a property seems like another major expense, but it is necessity of life and before any investment a person should value the property very well, so that his investment should have some worth. Property valuation is an important part for applying a loan. A valuation is required when you borrow to buy, refinance for property.
For a successful property valuer it requires a lot of experience and regular observation of the real estate industry. People may get into trouble if they won’t update themselves regularly. So, we would like to share some factors that may affect the property valuation in India.
1. Location of the property
2. Facilities of the property
3. Easy Connectivity
4. Infrastructure Development plans
5. Availability of vacant land
1. Location of property: Location of property is the major concern for every investor. Whenever investor planned to invest in property the first thing comes into the mind is location. This is very important because nowadays, people are willing to make a move from commercial areas to developed infrastructure and this is the only reason for rise in prices of property.
2. Facilities of property: Property valuation is depended on the facilities provided by the seller in a particular area. In modern era, people are preferring modern amenities like Gym, Spa, Swimming pool, kids park , Clubs, Party Hall etc
3. Easy connectivity: Another factor that affects the property valuer is connectivity. Property connected with educational institutes, market and entertainments hubs have high prices than areas which have no key facility at some longer distance.
4. Infrastructure Development plans: property that are close to malls, Hospitals, railway stations, Airport ,roads, retails market , business center etc will be of very high prices .
5. Availability of Vacant land: Property in metropolitans like Delhi, Gurgaon, Bangalore, Mumbai etc is very much costlier that properties in outskirt. Availability of land is one of the major reason on determining property rates in India and this is only the reason people always prefer infrastructure developments and easy connectivity
Above five are the factors that affect property valuer while doing valuation of any property.