Property business is a very
interesting one. The price is never stable at any time. More so, the price that
Mr. A will fix for his property may be different from that of Mr. B even though
both properties are in the same location. The following are the factors that
determine the price of a property:
1.Time of Need: A property owner
might be in some financial distress and needs to sell off the property as soon
as possible. Here, the buyer will have a higher bargaining power and therefore
drive the price down. Conversely, if the seller is not pressed in any way, the
price of the same property will be different.
2.Rate of Development: The price of
a property will go up quickly if the rate of development in that area is high.
If you buy a property for 500,000 naira, in two years time, this amount might
triple its value say 1.5m.
3.Ecological Problem: The price of
a property might stay the same or even go below its initial price, if the
property is in a waterlogged area, although this may not be the case when you
bought it.
Nearness to The Major Road: The
price of properties varies with its location. A property along a major road
will cost higher than the one inside the street.
4.Individuals: Individuals fix
prices arbitrarily. It is during serious negotiation that the exact worth of
the property is known
5.Facilities: A 2 flat apartment
with modern facilities will have a different price with the one built a decade
or two ago.
Call 07054107283 or 07031384722 for inquiries.
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Call 07054107283 or 07031384722 for inquiries.
ALSO READ
Build or Buy a house: Factors to consider
Property Matter: How Nigerians abroad are exploited by family and friends
Dissolution of Community Development Association: Goodnews for land developers