When embarking on the journey of buying a property, making the right choice is crucial to ensure that your investment pays off. Comparing the various properties you’ve shortlisted is essential, but what criteria should you use to ensure a fair and objective comparison? Is location the only factor to consider, or are there other elements just as important? At Antibes Transactions, we've put together a comprehensive list of 5 key factors that influence a property’s value. Understanding these will enhance your ability to make an informed decision when selecting your future flat or house. Bear in mind that this list doesn’t account for any specific needs or preferences you might have. In reality, buying a property isn’t necessarily about finding a flawless home but rather about finding the best compromise that meets your primary needs.
Location is often considered the most crucial aspect in real estate, but it’s a concept rich with subtleties that you need to understand fully to maximise its benefits.
On a city-wide scale, aim for secure, lively neighbourhoods that are well-served by public transport and close to major roads without being disruptive. Look for areas with good public infrastructure and avoid those that are too far from the centre. For instance, a neighbourhood with a reputation for danger will usually have a much lower price per square metre compared to a well-regarded, safe area. Conversely, a property located just minutes from a motorway, yet shielded from the noise, offers a significant advantage for quick access to other cities.
Within the neighbourhood, prioritise properties close to local shops to avoid frequent car trips for everyday errands. Seek out areas where you can easily walk around and enjoy local amenities. However, a property in the city centre, though close to everything, will often be subject to more noise nuisances, such as early morning deliveries. Properties near bus, tram, or metro stops, and close to city attractions, will naturally attract more buyers than those located on the outskirts.
On a street level, a property facing an internal courtyard with no direct sightlines will generally be more sought after than one facing a busy street with closely packed buildings opposite. The configuration of the street can also significantly impact the price. For example, properties at the bottom of a slope may have an advantage if the main attractions are located down there.
Within a building, consider the property’s location relative to its floor, solar exposure, privacy, and potential noise issues. A top-floor flat, away from the lift, will usually be quieter than a ground-floor flat near the building’s entrance. Moreover, a south-facing property with unobstructed views and plenty of natural light will be much more appealing and pleasant than a north-facing one overshadowed by neighbouring terraces.
It’s essential to factor in a budget for refreshing or renovating your future property. Even a new flat might require some tweaks to fit your specific needs. Obviously, an old property needing full renovation will be worth less than a newly built one. However, it’s often easier to negotiate the price of a property that needs work and personalise it to your taste, rather than settling for a new property without the option for modifications. The advantage of a new property lies in its compliance with current construction standards, including accessibility, fire safety, and energy performance. This ensures that the property has been built to modern standards, which can be a considerable benefit.
For properties in a shared building, closely examine the service charges, as these will be an ongoing expense once you purchase. Generally, the more amenities (like a swimming pool, tennis court, or green spaces) a building offers, the higher the service charges will be. Service charges are also directly linked to the type of installations in the building. For example, central heating with oil or gas boilers will incur different charges compared to individual electric heaters or heat pumps. Similarly, hot water may be provided collectively or individually, impacting the costs.
In older buildings, the absence of a lift may result in lower service charges but can also pose challenges for residents on higher floors, particularly when carrying heavy items. This is often the case in historic neighbourhoods with buildings over 100 years old. Generally, having a lift is seen as an essential feature, and its presence will usually boost a property’s value. It improves accessibility and convenience, making the property more attractive.
The interior layout of the property and the potential to modify it can also play a significant role in its value. While you’re not required to make changes, the mere possibility of altering the interior layout can be a major plus for some buyers. A flat with the potential to open up the kitchen or add a bedroom will logically be worth more than one with a fixed layout. Buyers are often willing to pay a premium for a property that offers opportunities for improvement or customisation. In conclusion, these factors are crucial in determining a property’s demand and value. By considering these aspects, you’ll be better equipped to make an informed choice and maximise your investment, enhancing the likelihood of achieving a good return when you decide to sell, thanks to a property that attracts more potential buyers.
Congratulations! Now you know 5 things that determine the value of a real estate property. As you have read this article, we invite you to visit our "resources" section and read other articles that you may find useful. Do you have a real estate project? Contact us, the Antibes Transactions team will be glad to discover your project.
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