Everyone knows that real estate is a great way to save your savings and increase them. Apartments purchased today tomorrow may increase in price several times or, on the contrary, fall in price by a couple of hundred, otherwise and thousands of dollars. It is difficult to insure against economic vicissitudes, political squabbles and fluctuations in exchange rates because these are unpredictable and capricious areas. But besides them, the price of square meters is also influenced by completely objective factors, established once and for all. While some of them you can correct during the process of owning the object, others will have to be dealt with. In order not to regret buying real estate at exorbitant prices and to correctly determine the value of your property when selling it, follow our simple tips that will tell you how many zeros will be acceptable in a given case.
What determines the price of square meters and acres?
Apartments that are identical in layout and even in renovation, located in opposite parts of Kyiv, can differ in price several times, not only because of the prestige of the area, but also for other reasons. The price of living space, in addition to the availability and cost of repairs, is influenced by the following factors:
- district - the closer to the center, the more expensive - an unspoken truth that real estate market players have long learned
- safety - a low crime rate is important not only for families with children, but also for the average person
- environmental friendliness - proximity to industrial zones and factories negatively affects the quality of life and the price tag, and proximity to green areas, parks and embankments affects both you and the cost of your apartments in exactly the opposite way
- social infrastructure - not only banal supermarkets and pharmacies, but also medical institutions, shopping and entertainment centers, restaurants and theaters play a significant role when choosing real estate because for a comfortable stay it is equally important to be able to satisfy your basic needs and spontaneous whims< /li>
- educational institutions - they may not be useful to everyone, but it doesn’t hurt to think about the future. If your marital status changes or you rent an apartment to a family with children, a school and kindergarten within walking distance will be important advantages
- transport interchange - driving to work for several hours with transfers and traffic jams or getting there in just 15 minutes - the choice is obvious. But don’t forget that work can change, but convenient transportation will not go away. The proximity to metro stations and the availability of public transport stops are highly valued even by car owners
- layout and number of rooms - the trend in recent years has been kitchens combined with dining areas or living rooms. This solution helps save space and makes the room more comfortable. Separate dressing rooms and rooms for master's needs also add points, as does the presence of several bathrooms. Balconies, loggias and terraces provide wonderful views and endless possibilities
- generator - in our turbulent times, such a bonus adds inner confidence, although it is not always used in practice
The given characteristics are equally important both when choosing an apartment and in the case of a private house. Of course, there are some differences:
- Apartment
When choosing an apartment, the first thing you pay attention to is the house itself. Modern residential complexes, which appear in Kyiv faster than mushrooms after rain, amaze with their innovative solutions and unusual facades. As a rule, their territory has its own infrastructure, underground parking, concierge service and 24-hour security with video surveillance. People are willing to pay in full for their safety and comfort. At the same time, time-tested quality is no less valued - royal houses with thick walls and high ceilings never go out of fashion and win the hearts of wealthy investors.
Even if the total number of floors of the building is not so important, the location of your apartment can significantly affect its value. As a rule, the highest and lowest floors are in less demand due to obvious problems - discomfort due to the fact that every passerby can look into your window, on the one hand, and possible problems with the roof as a payment for what your neighbors above maybe just pigeons, on the other hand.
- House
Remoteness from the capital is added to the point about transport interchange. In order not to give up your usual life, it is important to be able to get to the city in 15-20 minutes by car. A distance of 5-10 kilometers is optimal in terms of convenience, and therefore is valued an order of magnitude higher.
Just as a residential complex is valued when choosing an apartment, when choosing a house one pays attention to whether it is located in an ordinary village or on the territory of a closed cottage town with additional amenities. Speaking about amenities, it is worth mentioning communications. 40-60% of the cost of building a house is spent on running water, gas, electricity, drilling a well and working with sewerage. Of course, objects with everything ready can cost a third, or even half as much.
The price depends proportionally on the size of the building and the site, but it is important that harmony is maintained. A giant mansion on a tiny piece of land looks just as ridiculous as a small hut on several hectares, and therefore such properties cost 15% less. Whatever your home, the proximity to a lake or river, a dense forest or an entire nature reserve will make it more attractive.
The best way to determine the value of your real estate
Buying or selling, inheriting or dividing jointly acquired property, guarantees for bank employees when receiving a loan or simple curiosity - it never hurts to know the exact price of your property. How to do it? You have several options: seek help from a trusted expert or try to make an assessment yourself. The second opportunity for real estate owners appeared relatively recently thanks to bill No. 2047-d “On Amendments to the Tax Code of Ukraine.” Whatever path you choose, prepare a technical passport of the BTI, a passport of the owner and documents confirming your rights to real estate - this is the minimum set of documents for the assessment procedure.
It is important to remember that the advertised cost does not always correspond to how much profit you can make. If we are talking about the real estate market, then each property has:
- estimated value - all the features of your home that we discussed earlier are taken into account
- price – the actual amount for which you buy or sell
- market value - the real amount of profit that the seller can count on
Whatever the estimated value, this does not mean that the price will correspond to it. The economic, political and general situation on the market can significantly affect the outcome of the transaction, so we advise you to carry out real estate valuation together with someone who really understands this.