For most homebuyers, an apartment is a place where they live. It gives residents a feeling of belonging and enables them to spend quality time with their loved ones. So buyers look for homes that are elegantly designed and comfortable. However, a home is more than an abode; it is a lucrative investment. As the years pass, the prices of property appreciate. So if you have to sell your 3 BHK in the future, you will get a much higher return. That is why most investors consider luxury flats much more beneficial than other investment forms. But the increase in the property’s value depends on several factors. Let us examine these reasons in detail.
Location
Location can either make or break the property. The property’s locale is one of the most important factors that homebuyers consider when buying an apartment. A home that is well-connected and close to social amenities like schools, hospitals, shopping complexes, restaurants and workplaces will provide ease of living and the well-being of the residents. So if your home is located in a premium locality and provides easy access to basic facilities, the property will see price appreciation. On the other hand, a home in a remote corner of the city with limited transport options will be shunned by investors and will lead to a loss rather than a gain.
Demand and supply
Demand and supply play a pivotal role in escalating property prices. Property prices will significantly rise if the demand is more and the supply is less. But low demand will witness unsold inventory, thereby reducing property prices. Demand and supply can result from economic conditions, a decrease or increase in the locality’s reputation, or various other factors. That is why it is necessary to keep the demand and supply factors in mind when buying or selling property.
Amenities
The better the amenities, the more relaxed and opulent the lifestyle of the occupants will be. Luxury homes, especially in premium localities and gated communities, are expensive. The primary reason is that they offer world-class amenities like green spaces, luxurious clubhouses, gyms, spas, sports facilities, well-designed interiors and scenic views.
Some even come with home automation. This enables you to control gadgets and specific aspects of the apartment through an app on your smartphone. The more amenities the apartment has, the higher its cost will be. Nevertheless, these apartments offer higher returns to investors. The surrounding ambience and green spaces within the complex’s precincts are a few other things that homebuyers look for. People look for dwellings with amenities that offer security, relaxation and complete peace of mind. So properties that have these amenities will see a significant increase in value.
Proximity to workplace
In metropolitan cities like Mumbai, travelling to work can be cumbersome, especially if your office is far from your home. So when buying property, people usually search for homes close to employment hubs. It saves them time and money. Premium properties in Mumbai near business centres like Nariman Point and Bandra Kurla Complex are very costly and have been witnessing steep price appreciation.
Conclusion
Many factors can contribute to an increase in the value of real estate properties. Besides the reasons mentioned above, inflation and a rise in home rate loans can also increase the property’s value. A proper analysis of these factors will help you determine whether the property value will rise in the future. You can also take the help of trusted real estate buying platforms like Blox. The platform lists the best 3 BHK luxury flats in Mumbai and many other apartments. Blox will guide you on the location and amenities and help you find the property that suits your budget.
