There is always a demand for houses in our country. Everyone believes that our home prices will increase over time and not decrease. And how is the resale price of the house determined? In fact, the real sector has made significant progress in the country since COVID. Home sales rose sharply in eight major cities in the country. Prices have also gone up. And will this trend continue in the sale of older homes too? Do new house prices affect old house prices? It is very important for homeowners to be aware of a few things in this regard, and let us explain to you what factors affect it.
Impact of the developer’s brand image…
In recent times, the developer’s brand has played a vital role in the resale of apartments. The projects of leading developers are in demand and fetch good prices. Reasons for this are that people have faith in their projects, they are known to complete them on time, and they do not compromise on quality. Due to this, the flats in these projects are sure to get a good price for resale.
Facilities…
The facilities in a housing project play an important role in its resale. Buyers always want to have all the amenities they need. They want a swimming pool, gym, community centres, green space, etc., along with modern lifestyle facilities. The demand for projects with such facilities is also huge. This will increase their resale price significantly.
Assessing market conditions…
In order to get a good price on resale, there are several factors that need to be examined to ensure that there is market support for it. These include current real estate trends, interest rates, economic conditions, and how supply-demand is in the area. By examining and evaluating these, you can come to a decision on when and how much to sell your home for. However, if there is less supply and less demand, the price will fall. In this context, it would be a wise decision to wait until the supply decreases. This requires a lot of patience and attention.
Tips to increase resale value…
Apartments should be kept in good condition. Regular, good maintenance and timely, necessary repairs will increase the resale value. Renovating a home can also increase its resale value. Providing modern facilities or modernising some facilities can attract buyers.
Effective marketing…
There are very few properties that sell on their own. To get the best price for your home, it needs to reach as many people as possible. Appropriate steps should be taken for that. Post photos and other details of your house on property portals. Also, the help of real estate agents can be obtained. This will allow more people to see your home details and get a better price.
All the required documents should be there…
You are sure to get a good price if you have all the legally required documents for the property. Buyers are assured if they have all the documents like the title deed, sale deed, building permission plan, occupancy certificate, possession certificate, encumbrance certificate, and no objection certificate.
