4 Tips To Identify An Overpriced Property in Anambra State
The issues concerning the price of properties, has remained an empirical issue in Anambra State Real Estate development in recent time.
You invest your life’s savings in buying your dream Land. Along with detailed research and careful planning, you zero-in on the right property.
To put it simply, buying a land often boils down to the price. There are a few ways you can quickly identify properties which are overpriced, and this knowledge will put you in a better position when you are looking to buy. It could be a refreshing change to find that a property you love is actually overpriced, and not just completely out of your budget. Read on to discover how to spot an overpriced house.
Here are 4 signs to look out for when buying a land.
- The location of the property
Location is everything. This is an extension of evaluating the local neighbourhood in some ways
The price of the property can be judged by its location. This is the key criterion to judge a property. It is said that a good land is equal to a good location. The more desirable the location, the expensive it is going to be. Take for instance a low dense area harboring Estate like #NgozikaHousingEstate, #FourWaysCourtEstate, #SmithCityEstate, #BeverlyHillsEstate and Dubai Estate will worth more than High dense/Populated area like Okpuno, Isu, Mgbaku, Urum, Amansea all in Awka Capital development territories
- Does it match the value of neighbouring properties? The second sign to look out for is how the land compares relative to surrounding lands on sale. If the property next door is worth a fraction of the home for sale something is amiss. Land prices should be, within reason, comparable. Take a look at current listings and recently sold properties; this should give you a realistic view of the local market as what lands are listed at isn’t always what they sell for.
Although the lands will possibly have different sizes, you will be able to compare prices. Remember, you are evaluating the area’s price range. Just because the land you are interested in is larger than a neighboring land, that does not mean it is worth significantly more.
- Has it been on the market for a long time?
Typically, the first month on the market is when a property gets the most action. When the flurry of activity dies down and the property has been for sale for six months, it can become stale. An often-quoted statistic is if a land has been on the market for 90 days or more, the chances are it’s not priced correctly. Although, it is worth noting that high-end lands are often on sale for a longer period.
It has been noted that properties tend to get sold off within a few weeks of being listed. Overpriced properties hardly get customers.
- Check with the neighbourhood
Factors like limited accessibility to good schools, good hospitals; busy main street location; and ghettos near the area bring down the worth of the property. So, buyers should double-check from the developer and compare the available amenities to the value of the property. If the two fundamentals are not balanced properly, then the property is definitely overpriced.
To get cheap and affordable Land in a good location here in Awka the Capital City of Anambra State.
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