If you want to purchase a luxury apartment or flat, then it is essential that you perceive it as a monetary investment. Keeping this in mind, you should consider the factors that will add value to the property you are interested in. Property is one such asset that increases in value with time. In other words, the investment that you make to purchase the property can be easily recovered when you sell it at a later date. Moreover, you will be able to sell it at a profit, i.e. at a price tag that will be higher than your investment. Some of the factors that can add to the value of your residential property have been discussed below.
Factors that can contribute to the Value of your Apartment
Real estate development firms with a vested interest in developing properties in urban centres like Noida, mention that location plays a vital role in deciding the valuation of a residential property. For instance, first-time homeowners looking for flats to buy in Noida prefer to purchase apartments within complexes that are located in the proximity of arterial roads, lanes, or the Metro station. Along with the convenience of travel, a prime location property will always have a higher appreciation rate than other residential properties. Some of the other factors that contribute to the valuation of a residential property are as follows:
- Size of the individual unit: The price of an apartment depends on the super built up area, built up area, and the carpet area. The carpet area is primarily the exact square feet area of the individual unit. Depending upon the size of your flat, the price will increase or decrease. The price of a 3BHK flat with a larger square feet area will be higher than that of a 2BHK flat with a smaller carpet area. Thus, the price appreciation rate of the individual flats also depends on the area of the apartments and the number of bedrooms.
- Connectivity: As mentioned earlier, properties with a prime location are any day more expensive than other properties, even if they have similar layouts. One of the major factors that designate whether the property is in a prime location is the connectivity. Proximity to arterial roads and easy access to public transport facilities ensures that the property is well-connected with the rest of the city. Such residential properties are definitely priced at a higher value than others, and subsequently, the price appreciation rate of the property is also higher.
- Amenities provided: While purchasing a luxury apartment, you should take into consideration the facilities provided by the entire residential properties. The price of your apartment may increase if the developer is providing amenities like gymnasium and, swimming. Further, price goes up if the building is built adhering to the norms of environment-friendly residential properties.
Hence, while assessing the value of a residential property and its price appreciation rate, ensure that you have taken into consideration the location, connectivity, and size of the individual flat.