The market value of real estate is a major worry whether you're buying or selling. As a buyer, you want to locate a home that will serve as both a terrific investment and a wonderful place for your family to grow. And as a seller, you want to get the most money possible when you sell your present home to make the most money possible. But what factors influence a home's market value? There are many factors in determining real estate prices. We have the most important ones here to help you with your real estate search.
1. Specifications of the Apartment
The closer a residence is to schools, main roads, public transport networks, shopping malls, sports fields, and parks, the higher its price. In addition, since residences in smart buildings with multiple facades and views, with plenty of light, sheltered from cold in winter and heat in summer, designed by giving importance to ease of use and comfort, using quality construction materials, safe, earthquake resistant and energy saving, are more preferred. The prices of such houses are relatively higher.
The age of the residence and the architecture of the living spaces are among the top priority criteria. The factors that will positively affect the price are that the house is built by the earthquake regulations, it is new construction, it was built by a corporate company, the size of the apartment and the number of rooms that are suitable for the needs, there is not a big difference between the gross area and the net area.
Apart from these, factors such as balconies and facades should also be evaluated. It should not be forgotten that the facades located on the mezzanine and receiving sunlight are more preferred.
We can count the parking facilities among the physical factors that affect the housing price. The availability of your own parking space is also an important factor affecting the price, as your car is safe and you don't waste time looking for a place to park when you come home in the evening.
2. Apartment Type
Simply a house with a large number of rooms and a high net area will be more expensive. In some cases, an open-plan design layout can be more attractive than a residence of the same square foot. Moreover, a newly built and in excellent condition home will always have a higher market price than a home that needs remodeling.
3. The Apartment's Legal Standing
It should be learned from the relevant institutions whether the real estate meets the necessary legal requirements. The title deed is one of the factors affecting the price. While real estate is at the project stage, construction servitude is established by the contractor, after the project is completed, if the necessary controls are made and the suitability of the project is approved, a residence permit is obtained from the relevant authorities and the title deeds are converted into condominium ownership.
4. Location
One of the most important factors affecting the housing price is location. In addition to the location, the neighborhood that affects your lifestyle also has an important place.
If a house is very close to commercial and social areas, housing prices will be higher than in other areas. Some regions are more valuable than others. Homes in a rural or less developed area will always cost less than homes in developed or urban areas.
Also, a location that offers easy access to highways, freeways, schools, shopping centers, and local employment opportunities adds to the value of the residence.
5. Height of the Floor
Usually, ground floors are more affordable because they are less secure and they hear more outside noises.
6. Services and Amenities that are Available
In the eyes of home buyers, a house must meet all needs. If a house has certain features, the house price will increase at the same rate.
For example, having a modular kitchen, a video intercom system, a children's playground, jogging track, swimming pool, gym, indoor parking lot, generator, or 24/7 security increase housing prices.
Today, many construction companies are developing housing projects by paying attention to the large footprint of green areas. These types of housing projects focus on using renewable resources as much as possible and have a higher price than ordinary ones.
7. Property Age
Real estate professionals consider the age of a home to be an important factor in determining property price. The most important reason for this is that no matter how new the house is, how new the technology quality and modern facilities the system has if an old house is renovated, it will be considered as a new house in the market.
8. Returns
The price increase in real estate means that the value of the real estate has increased within a certain period. People who invest in real estate want to generate income from the property they buy. In this context, if the investor decides to sell the property in the future, it is to get a positive return on his investment. In this way, the prices of the properties that provide income are calculated by considering this situation.
How Can Real Estate Prices Be Lowered in Turkey?
You can easily find cheap places from online real estate sites by using the filters such as price, location, and floor.
One of the most experienced real estate firms in Turkey is Istanbul Property, buying, selling, investing, property management, finance, and after-sale services are just a few of the ways to help you find the right property.
With over +11 years of customer satisfaction, 73% of Istanbul Property’s new client base comes from recommendations from previous clients who bought properties in Turkey.
In Which Cities Are Cheap Houses in Turkey?
Among the provinces where the most suitable prices are offered in real estate and the rent increases and housing sales prices are not very high; are Eastern Anatolian provinces such as Siirt, Batman, and Mardin. Housing sales prices in Mardin increased by 2 percent on average. You can also easily find cheap houses or cheap real estate projects using Istanbul Property's Cheap Property in Turkey section.