Does the Apartment you own have any of the perks some buyers will pay more for? To understand how much your home is worth, you have to know what affects its value.
Africa has the greatest potential for value growth in real estate as national economies and household incomes increase. Global real estate value is in trillions. And in Ethiopia, real estate is contributing 12.5% to the county’s domestic growth.
Thousands of data points correlate with home values and sale prices — some of which are obvious (like the condition of the home) and some that aren’t. Here are several surprising things that can affect your home’s existing value or the price someone is willing to pay for it.
1. Location, location, location
You’ve heard that location is the biggest factor in home value. But what does this mean?
According to Benson, a home doesn’t appreciate. The physical characteristics of a home tend to depreciate as they age. It’s the property itself that appreciates. This is why location is key. And several things impact whether the location is helping or hurting property values.
2. Community improvement
Historically, homes in urban locations with proximity to employers, restaurants, shopping and recreation hold high value. Community and neighborhood improvements such as the development of restaurants, parks or mass transit can positively affect home value.
Community improvements that include the development of nature trails also boost home values. Metropolitan Real Estate, Central Tower Apartments, Metropolitan Tower, and The Metropolitan Residence provide all the facilities you might need nearby, which makes it a premium location in Addis Ababa. These are located within a few kilometers radius of Schools, Hospitals and shopping centers. In Addition, a bakery, supermarket, barbershop, café and so on, are nearly found in the area.
3. Trendy features
When built strategically, this increases your home’ s value and marketability if you try to re-sell it. You might notice that these days Apartments smaller in size and layout have been appraised at a much higher value than the most on in the Market. The most likely reason is that the home has been built including trending features. Homes that have been built with modern features or layouts attract more home buyers and higher offers. Investing in Metropolitan Real Estate is a guaranteed benefit because of our brand new Apartments in Ethiopia for sale the most luxurious projects in the region. It combines high-quality standards with unique architecture, the best material selection and strictly supervised construction.
Along the same lines, politics and the economy often go hand in hand. Government actions that deliberately or inadvertently stimulate the economy and build up consumer climate can cause market values to rise. This includes:
- Legislative action: Government policies created to reinvigorate a sluggish real estate market, such as lower interest rates and tax incentives, can boost demand and kick up property values.
- Political climate: Consumer confidence is often affected by the country’s political climate.
5. Age and condition of your Apartment
Because the physical characteristics of your Apartment depreciate, a newer Apartment will have a higher value than an older Apartment. Home appraisers rate your Apartment’s condition based on the amount and degree of repairs required. Benson indicates that a well-maintained older home with a sound foundation and structure and functional systems will also have a higher value.
Buyers in particular should take note of your Apartment’s age based on the quality and design of materials and fixtures, such as hardware, tile and energy-efficient features. When you maintain your home from a structural and aesthetic standpoint, you improve your property value. Metropolitan Real Estate Apartments are newly built and designed with high quality finishing material.
Many factors cause real estate values to increase, from the development of community features to the entrance of younger homebuyers in the market. How these factors impact your property value depends on timing and location.
Let us connect today, on Metropolitan Real estate, which has multiple ongoing projects such as The Metropolitan Tower at Bole Rwanda in front of Mamokacha cafe. Metropolitan Central Tower Luxury Apartments are around AU headquarters. Metropolitan Westview Standard Apartments is located at Total Soset Kuter Mazoriya and The Metropolitan Residence is located around Bole Main Road, In front of Mega Building. Contact us with the Ethiopian office: +251973404040 and the USA office: +1480 280 2242.
SOURCE – ZILLOW