You will notice differences in apartment pricing while going through a real estate website. You may keep wondering why some apartments are priced high and some are priced low.
See below for some of the many factors that determine the price of apartments.
The location of an apartment is one of the major factors determining the price of an apartment. An apartment located in the rural area will definitely not be priced like an apartment located in choice areas such as the city centre which tends to be high in price.
The view that your apartment has, is directly proportionate to the floor level it occupies in a building. A higher floor apartment comes with the advantage of less noise, better aeration, and much more. Some of which are not true of apartments located on the lower floors. Therefore we can definitely conclude that the higher the floor an apartment occupies, the higher the price.
The presence of choice apartment amenities is a huge turn-on for many tenants and prospective property owners. Premium property hunters are willing to pay more for properties containing luxury apartment amenities such as granite or quartz countertops, in-unit washing machines like the Lightning One machine, and a gas or wood-burning fireplace installed in them. Therefore the more the luxury apartment amenities fitted in an apartment unit, the higher the price it commands.
Apartment Pricing Changes Based on the View
The view an apartment offers is very important because the first thing a property hunter checks for while on inspection is to take a look at the view. A tenant does not want his view blocked when stepping out onto the balcony. Apartments with better views like seas or lake attract more buyers and tenants, therefore their prices go up.
The availability of recreational and relaxation facilities is one of the major determinants of apartment prices. Apartment with facilities such as gymnasiums, swimming pools, and tennis courts tends to command higher prices. Also, property hunters go for apartments that will guarantee their privacy and safety.
Apartment Pricing of Nearby Units
The price of properties in an area where your dream house is located goes a long way in determining the price of the apartment. If the neighboring property goes for two million, expect that the apartment you are eyeing too will be around that range. Although the two apartments might not have the same facility or amenity installed in them.