Real Estate

5 considerations to determine the price of a home

Buying a home is a memorable transaction most people do once or twice in their lifetime. For a first-time home buyer, the calculations become quite realistic when it comes to home prices in Bahria Town Lahore and Karachi. Bahria Town has a streamlined property management system that facilitates transparent property valuation. Contrarily, most housing projects pose difficulties for accurate price assessment of a home.

The first-time home buyers could consider these five things before giving final offer to the seller.

The value of plot

Consider the price of plot alone. To reach the correct value of plot, it is better to give time to the cause and collect data by talking to the industry experts. Once you have decided the territory where you are planning to buy a home, it becomes easier to accomplish data about the prices of plots at different location. 

The year of construction 

It is imperative to confirm the year of construction from the property agent. Knowing the year of construction will help you determine the price of a home.

Year of construction reflects 

  • The inflation rate during the particular year
  • Condition of the home
  • Prices of the material during the year of construction 
  • Overall durability of the structure
  • Something about the architecture and interior design  

The estimates of material

The prices of the construction materials keeps on changing from time to time. Once you have known the year of construction, it is very feasible to estimate the cost of the material.

  • Estimate the cost of materials at the time of construction  
  • Assess the current cost of materials 
  • Calculate the gap of prices
  • Apply inflation factor 
  • Calculate the depreciation of the materials 
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By construction materials, we mean the following.

  • Bricks and building blocks 
  • Cement, concrete, paint and glass  
  • Construction metals 
  • Wood and woodworks 
  • Kitchen accessories 
  • Sanitary fittings and others 

Do not forget adding the labour cost while calculating the price of the structure. 

The location of home 

The housing projects offer various locations. Usually, 10 percent to 15 percent extra price is charged for different locations. You can buy at any of the following locations.

  • Street corner homes 
  • Facing-park homes 
  • Boulevard-facing homes 
  • Facing-park corner homes 

Hire an expert!

It is good if you can do all of the above by yourself. It is otherwise strongly recommended to hire an experienced property dealer who, at the same time, has sufficient knowledge of construction and estimation methodologies. Your expert can save you a lot of money. To name a representative property dealer, Ali Saqlain Real Estate & Builders can serve you better than you expect.