5 Tips To Identify An Overpriced Property
You invest your life's savings in buying your dream house. Along with detailed research and careful planning, you zero-in on the right property. There are a few questions you must ask yourself before you set out on the house-hunting spree. Which property will suit my lifestyle? Is the location near to kids' school and my workplace? Is the price worth the property?
The location of the property
The price of the property can be judged by its location. This is the key criterion to judge a property. It is said that a good house is equal to a good location. The more desirable the location, the expensive it is going to be. Most of the developers details the importance of the location to their clientele. If the location is not that great but the developer is charging more, then the property is overpriced.
If the property has been in the market for quite some time
It has been noted that properties tend to get sold off within a few weeks of being listed. Overpriced properties hardly get customers.
Easy connectivity from the property
A good location doesn't always allow a better connectivity. It is advisable to cross-check whether the property has good connectivity. Reaching airport, railway station and bus stand should not be time-consuming.
Comparable properties have lower selling price
Properties that share same features such as number of floors, number of rooms and the year they were built have a fair chance of doing a reasonable comparison. It's a good yardstick to measure if a property is overpriced or not.
Check with the neighbourhood
Factors like limited accessibility to schools, hospitals; busy main street location; and ghettos near the area bring down the worth of the property. So, buyers should double-check from the developer and compare the available amenities to the value of the property. If the two fundamentals are not balanced properly, then the property is definitely overpriced.