What's the real value of your property?

Recession has certainly made us realise the value of money. We all want a bang for our buck now, more so in purchases as expensive as real estate. So, when your builder quotes you a price, make sure you do some homework before taking it at face value. Here are some parameters that you should take into consideration while determining the actual value of a flat:

Perfect package: Says Pankaj Kapoor, founder and CEO of Liases Foras, a real estate research and rating firm, "You need to look at property as a package deal. Evaluate the value of the flat while taking into consideration its location, demographics, neighbourhood, amenities, security, etc."u00a0 You can also log on to propertyscience.com and use the calculator on the website to get a fair estimate of the property you're looking to buy.

Pay a price: You can get an idea of what the property is worth by enquiring about the corresponding rates in and around the area, suggests realtor, Jijo Billimoriya. "Check the last transaction made in the building," he advises.

Analyse the amenities: Remember, two flats of the same size in the same building can carry different price tags. "If the flat is facing the sea, garden or pool it will command a higher premium," says Billimoriya. Also, fancy flats that come with exclusive swipe cards or private elevators will fetch a higher price.

Look at the location: Proximity to schools, colleges, hospitals, stations, certainly makes a difference. The closer you are to these structures, the higher the price of your property. "Recently I had a client who wanted a flat close to the airport. He didn't have any other specifications," shares Billimoriya. Buyers have certain specific demands that always come at a price.

Check the interiors: Factors like the size and the number of rooms, construction quality, quality of appliances etc, all contribute to the price of the flat. The more superior the interiors, the more expensive your property.u00a0

Demand does matter: Says Kapoor, "Two-three years ago real estate prices were soaring sky-high because of escalating demand. Now the prices have dipped because the corresponding demand has also
fallen." The fair value of a flat largely depends on the demand for
property.