Factors That Add To The Value Of A House

There are many factors that contribute to the value of a home. MakaanIQ lists some of the factors that add to the value of a home:

Location

The location is a prime factor which contributes to the value of a house. The quality of the area depends on the neighbourhood, educational institutions, hospitals, markets and other necessary social infrastructure.

Size and layout

The size of the house definitely adds to its value but the layouts affect it, too. If the house is built on a rectangular plot with adequate space for a garden, it often attracts a premium.

Connectivity

How easily the house is connected to basic public transport improves its value. A houses connectivity with road, rail and air networks adds to its worth.

Age and overall condition

Generally, the value of a house gets lower as it becomes older. But, if a house is more than about 100 years, it adds historical significance to its value. For instance, a house built in 1915 may be more valuable than one built in 1975.

Number of rooms

How many bedrooms and bathrooms are there in the house? How much area is designated for the living room or recreation? These factors also determine the value of a house. Adding an extra bedroom may take away the value of a house, whereas larger size of bedrooms may add to its value.

The face

A house located in a corner tends to fetch more value than the one located in the middle of a lane. The main advantage of a corner plot is that it is open from all the three sides. Galleries or balconies can be constructed to make the house well-ventilated. Similarly, a park-facing house adds to the value of a house. Apart from giving a picturesque view, any green expanse near a house enhances the air quality of nearby buildings.

Construction quality

A house built with good construction material draws more value. Some of it is visible – such as tiles or flooring used, the quality of wood, paint and finishing. Some other things are not so obvious. One way to ascertain how a house has been engineered is by looking at the architect's plans and the construction blueprint. Independent consultants can be hired to do a construction audit for the property you plan to buy.

Interior work

At times, houses are put up on sale along with luxury fittings in every room. This certainly increasing the worth of a house. 

Clear ownership title

A house with clear ownership title not only attracts more buyers but also adds to its value. Clear ownership means that the owner owns it freely and there are no encumbrances. In case of legal disputes or if the property is on mortgage, it is generally sold at a lower price than the prevailing market rate.

Parking

With congestion wreaking havoc everywhere in the country, the parking space near a property has become an important factor to contribute to the value of a home. In fact, parking space has become an essential addition to any property.

Heating and air

The amount of heat and air the house receives can determine its value and price. These factors improve the quality of living in the house and, hence, boost its value.