What Are the Main Factors That Decreases the Property Value?

If you are planning to buy a new property then you need to know and understand the factors that reduce the market value of a property. This will help you in buying the best property of your choice and within your budget. Not only that if you are well aware of all these things then you will also have a good chance of selling your property and earning a good amount for it in the future if you want. So before making any kind of final decision you must consult with a professional agent that can provide you with the right details about the property and its costs after doing a real estate property valuation in Perth.

Reasons Due to Which Market Value of Properties Decreases

 

• Location

The location at which you are planning to buy a home or commercial space is one of the most important factors that you need to consider. The demand for real estate is always high where there are great facilities such as transportation, medical, etc. It has been seen that the value of the property is always high if it is located near shopping malls, highways, etc. So you need to check and have the right idea about all these things before investing.

• Size

The value of the property is calculated in terms of per square foot. So if your property size is bigger then it will have a good market value depending on the rate that is going on. Apart from this if there is a garden and parking space then you can be sure of getting a good price for your property from the buyers at the time of selling it. To know about the exact value of your property you should consult with an expert agent. You can also check your property value online in Perth to get a clear idea.

• Age

It won’t be wrong to say that new buildings have more market value in comparison to the old ones. The property investors are always ready to pay a good price for a newly constructed good building because they know it can stand well in any kind of weather condition in comparison to the old buildings. So you must always try to get the details about the age of the property. This will help you in making the right decision.

• Condition

Suppose you have purchased a good property at the best location but if you fail to maintain it then this can also be one of the reasons why the buyers might not be interested in giving you the market price of your property. They will negotiate with you and try to buy at their price.

The other reasons why the market value of the property increases or decreases is because of supply and demand, security features, interest rate, etc. Hence you must always hire experts who specialise in offering real estate appraisal services in Perth.

If you want to clear your doubts and get better information about the real estate market then you must connect with our expert agents. The team of Ando Real Estate are highly trained, experienced, and has great skills. We also keep ourselves up to date with the changing market conditions. So you can be sure that you will get all the valid details about the property. This will help you in making the best decision. For more discussion, you can give us a call and book an appointment.