Factors That Influence Home Prices
You are planning to invest into a 3 BHK apartments in Thane. You scan across some properties but the rates of the ones you set your heart on are ridiculously high. You are clueless about the factors that determine the home rates, and wonder if the price gaps among the properties have a logical reasoning. Read on to get a detailed perspective on this issue.
Property rates depend on a number of factors such as:
- Location: Properties that are closer to city centres like residential projects in Thane West are highly preferred by home buyers. Professionals desire to settle down in a place that is close to their workplace. This helps them to cut down on their travel time. Properties that have a close proximity to shop, restaurants and other recreational hubs are high in demand. Another set of home buyers desire a beach houses or hill-view homes or abodes nestled in nature's beauty. Such homes offering spectacular nature views also have a higher price rate.
- Scope for Renovations: Properties that offer the dwellers provisions for renovations like, addition of a second storey, or building an extra bedroom, etc. have a high market value.
- Parking: In the current market scenario, when just a square feet of land costs in thousands and more, a property that is offering space for your prized car to rest, ask for a higher rate.
- Floor Level: The higher the elevation of your apartment, the better is the view. A higher floor is naturally facilitated with better view, less noise, cool breeze, ample sunlight, etc. Hence, a floor rise is charged per square feet.
- Amenities: The facilities that comes in with a property, directly affect the lifestyle of the residents. Gyms, spa, clubhouse, joggers track, play-house for kids, etc. play a crucial role in elevating the stature of one's living. Therefore, more the premium amenities, greater is the rate paid.
- Accessibility: Home buyers prefer a home that has an easy and quick accessibility to different parts of the city. The properties with good connectivity, and close proximity to transport junctions like railways, airports, subways, bus stands, etc. command a higher price.
Therefore, now you know why your dream abode is so highly priced than others. Though prices may be high, the growth rate is equally good. Hence, investing in properties such as 3 BHK apartments in Thane also pays dividends.