5 FACTORS THAT DETERMINE THE PRICE OF A PROPERTY



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.
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