{"id":1583,"date":"2016-09-14T17:04:19","date_gmt":"2016-09-14T17:04:19","guid":{"rendered":"http:\/\/www.tolet.com.ng\/blog\/?p=1583"},"modified":"2018-09-11T14:47:12","modified_gmt":"2018-09-11T13:47:12","slug":"3-factors-that-affect-the-price-of-a-home","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/3-factors-that-affect-the-price-of-a-home\/","title":{"rendered":"3 Factors That Affect the Price of a Home"},"content":{"rendered":"

Previously, I posted a quiz to test how well you can price a house for sale<\/a> given only a picture representation. From the results, I found out a good number answered most of the questions right while a few others performed below average. You may try the test out here<\/a>.<\/span><\/p>\n

Anyways, you need to be informed that getting 100% score in the test doesn\u2019t make you good at pricing a house for sale. There are other crucial factors to consider when determining the buying or selling price of a house; location, product and timing. I have listed out the 3 factors in details below.<\/span><\/p>\n

ALSO READ: \u00a0<\/i><\/b>5 Implications of High Cost of Property in Lekki<\/i><\/b><\/a><\/span><\/p>\n

\u00a0Location<\/strong><\/span><\/h2>\n

Without much ado, houses located on the Island area of Lagos<\/a> are known to be more expensive because of the associated luxury apartments in the area. So, it\u2019s possible to find a 3 bedroom apartment for sale within Ikoyi<\/a> but find out the price is double that of a similarly designed house on the mainland.<\/span><\/p>\n

ALSO READ: \u00a0<\/i><\/b>20 Things You Should Desire in Your Dream Home<\/i><\/b><\/a><\/span><\/p>\n

Product<\/strong> <\/span><\/h2>\n

When it comes to real estate, ‘product’ refers to the entire feature a property. Property valuers value a house by beginning with a detailed physical inspection of the main \u2018bones of the house; examining the roof, the boiler, the bathrooms and the kitchen \u2014 everything from front door to back, from floor to ceiling \u2014 all to get a feel for the condition of the home. <\/span><\/p>\n

So, mere looking at pictures wouldn\u2019t help you price a house right and that\u2019s the reason you need to book an inspection after viewing such property online.<\/span><\/p>\n

ALSO READ:\u00a0QUIZ: How much do you think these Lagos apartments cost?<\/a><\/strong><\/em><\/span><\/p>\n

Timing<\/strong><\/span><\/h2>\n

Just like in other product markets, the time factor has a big role to play in determining how much a house should go for. The cost of a duplex today is expected to be higher than it was in the 90s. One reason for this is that as time goes by, modern materials are used in a building. For instance, the following picture says more.<\/span><\/p>\n

ALSO READ: How to Spot an Up-and-Coming Area<\/a><\/strong><\/em><\/span><\/p>\n

\"Outdated<\/span><\/p>\n

Have you got any other factor to suggest? Feel free to share in the comment section below.<\/span><\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Previously, I posted a quiz to test how well you can price a house for sale given only…\n","protected":false},"author":11,"featured_media":1587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_custom_appearance":"","csco_disable_excerpt_posts_layout":false,"csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[467,32],"tags":[113,242],"class_list":{"0":"post-1583","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate-advice","8":"category-real-estate-news","9":"tag-house-pricing","10":"tag-quiz","11":"cs-entry","12":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/1583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/comments?post=1583"}],"version-history":[{"count":8,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/1583\/revisions"}],"predecessor-version":[{"id":10911,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/1583\/revisions\/10911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media\/1587"}],"wp:attachment":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media?parent=1583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/categories?post=1583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/tags?post=1583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}