Are you searching for a property that fits perfectly in your budget? If yes, then you are not alone. You, as a homebuyer, invest the savings of your life in buying your dream home and therefore, you must be careful while buying one. There are a large number of potential buyers who search for a perfectly priced property in the real estate market but end up coming across an overpriced one. Although such properties might be disguised as your dream home, you will need to take a step back and analyse a handful of factors.
While there are some obvious signs that will tell you right away that you have found an overpriced property, there are some other more subtle signs to look out for. So next time, before you go ahead and view the property, make sure to consider its pricing attentively. After all, there is no point in getting attached to a property that is overpriced or wrongly priced.
Here, we have discussed some of the most common ways to identify the overpriced property in the real estate market.
1. Location of the property
The location where the property is located plays a great role in determining its price. The price of the property can easily be judged by its location, and this is one of the key criteria to judge a property price. It is always said that a good property is equal to a good location. The more posh and desirable the location is, the more expensive the property is going to be. On the other hand, if the location of the property is not that great, but the developer or home seller is charging more, then it’s a clear indication that the property is overpriced.
2. Check with the neighbourhood
Every homebuyer wishes to buy a property that is located in proximity to basic amenities like schools, colleges, healthcare facilities, hospitals and much more. Therefore, factors like the limited accessibility to schools, busy main street location and ghettos near the neighbourhood brings down the value of the property. So, while buying a property, you must always double-check from the developer or seller and compare the amenities available to find out the actual value of the property. If the two fundamentals, i.e. nearby amenities and value of the property, are not perfectly balanced, then the property is undoubtedly overpriced, and there’s no point in buying it. In short, you must understand the neighbourhood well before investing in a home. This will help you identify whether or not the property is reasonably priced.
3. Property has been on the market for a long time
Another indication of an overpriced property is how long the property has been on the market. While some properties might sit on the real estate market for other reasons, it can also be a sign of overpricing. In general, the fairly priced properties will sell within a couple of days or weeks. Therefore, if a specific property or home has been on the market for weeks or months, then there are chances that it is overpriced. However, it is worth noting that high-end properties usually sit on the market for longer due to their high prices. So, always make sure to consider the property type and how long it has been on sale to be able to make an informed decision.
4. There are many upgrades and home improvements
When a homeowner adds amenities to their home, they usually ask for a higher price for their home. They do so in order to compensate for the money they have spent on upgrades and home improvements. However, the issue here is identifying whether or not you actually need those upgrades. While a remodelled or modular kitchen might look tempting but it may cause the home to cross your budget. It is advisable to ask the seller what changes they have made to the house to determine whether they add value or if it is another overpriced property. Remember, not all home upgrades and improvements add value to the home. Therefore, you must be wise enough to identify and make a better decision.
5. Comparable properties have lower selling prices
Another way on the list to help you identify an overpriced property is to check the comparable properties. The properties that share the same features like number of rooms, number of floors and the year they were built in holds a fair chance of doing a reasonable price comparison. It is a perfect yardstick to measure if the property is reasonably priced or not. If the comparable properties have lower selling prices, but the seller is selling you the property at a high price, it’s better to move on and look for another property as it can be an overpriced one.
6. Easy connectivity from the property
Finally, the easy connectivity from the property also plays a significant role in identifying whether the property is overpriced. A good location does not always allow better connectivity to major spots like bus stands, railway stations, airports etc. Therefore, it is always recommended to cross-check whether the property has good connectivity, and reaching the above spots should not be time-consuming.
If you are buying a property or home, it’s important for you to understand that looking for a fairly priced home from the beginning is very critical. So, keep in mind all the signs stated above and start your property search again without wasting much of your time. This time, we hope you will find a perfectly priced property. Also, we at Clicbrics can help you find a fairly priced property in cities like Delhi, Greater Noida, Lucknow, Mumbai and Chennai. To know more, call us at +91-8010820000. Our team of experts will be happy to help you find your dream home.