What makes a real estate attractive and determines its value is basically our wishes and needs. We all need shelter to live and be safe. However, having a shelter today should be considered together with social, economic and political situations.
We can consider the features that make a real estate attractive in two items, internal and external.
These properties belong directly to the real estate: Physical conditions can be listed as benefit, scarcity and transferability.
Physical conditions: When choosing a land for investment or living, you should consider the expert, location, shape, area, facade, infrastructure, topography, surrounding roads, and even what kind of scenery. The material, workmanship and wear rate should also be considered in the constructions to be made on the land.
Benefit: The real estate you plan to own must meet your requests and fulfill your needs. Note that there is such a benefit relationship between you and the real estate.
Minority: This concept is shaped by the balance between supply and demand. The fact that a real estate is both useful and small makes it more attractive for investment. In this case, market value is expected to be high.
Transferability: Transfer of a purchased real estate must be possible. Although it has all the other features, it has no market value if it cannot be transferred to anyone. A product without value has no appeal.
These properties are not directly related to real estate. Apart from that, many different reasons can make an estate attractive. We can examine them as economic, sociocultural and legal situations.
Economic situation: The appeal of a real estate is proportional to the current interest rates in the market, mortgage loan markets and government interventions to these markets and the general state of the country’s economy.
Sociocultural structure: The environment, demography, traffic problems, sound pollution, urbanization model and architectural arrangements of the real estate you plan to purchase may make it more attractive than others.
Legal legislation: This situation directly affects the real estate being more attractive. Land registry and cadastral law, city plan, real estate-related rights and legal regulations that can change / restrict land features should be taken into account. For example, a real estate or plot owned or planned to be owned by a highway, to pass near / will pass.
Other features that make the property attractive
It helps you in the decision making process, such as population, environment, protection against natural disasters.
Population: Even if you buy the house to live, look at it from an investment perspective. Consider the future trend of the population in the area where the house is located. Population can affect the appeal of real estate in the long run, depending on the supply-demand balance.
Environment: The development trend of the region affects the current value of the real estate as well as in the future. The course of a region can also be observed from the new constructions here. In this respect, the existence, quality and number of old buildings determines the status of the owned real estate.
Natural disasters: It is of great importance that the buildings are resistant to natural disasters or that there are rapid intervention opportunities in the area where the buildings are located during the disaster. A house with a high premium in the earthquake zone is disadvantageous in sales.
Security: Housing is an act that instinctively responds to the need for trust and peace. It is more attractive to live in a district or a site with adequate security measures. Other good features can be ignored in an unsafe area.
Criteria such as proximity to social areas and shopping malls such as a playground, access to public services such as schools and hospitals, quality of the building, marketability are also properties that make real estate attractive and directly affect its value.
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