Hill Station Real Estate Tips # 1 - PRICING MISTAKE
There is no doubt that real estate is a worthwhile investment but generally depends on prevailing economical condition. Whereas, investment in hill station is evergreen, independent of economy due to various attractions towards it and benefits of owning a property there.
Still many people are finding difficulty to sell their properties in Kodaikanal, Ooty and other major hill stations in South India. Why?
Hills & Wills, exclusive hill station realty expert shares the most important reason for it.
Primarily the owners have a tendency to believe that their property is worth equal or better than their neighboring or a recently sold property in the same location. It is true in the case of real estate in plains. The sellers in hill stations also believe the same.
“But actually it is not true in the case of real estate in Kodaikanal, Ooty and other hill stations”!
The reason is that the hill station properties are as unique as finger prints and even adjacent properties need not to be of same value. It can be higher or lower too!!
In addition to the general factors like prevailing market value at that location, age of building and related depreciation factor, amenities, etc, hill station has additional factors to consider than at plains which make this difference.
For example, the view from a hill station property will be definitely different from that of other properties in that locality even it varies among adjacent sites. Then, how a recently sold property in that locality can be a reference to fix as bottom of sale price?
Hills & Wills experts list down the factors involved in pricing of a hill station property as below
1. Slop of the property
2. Revetment Requirement
3. Soil and Rock condition at the site
4. Access to property or condition of access
5. Water source
6. View from the property
7. Weather condition (Changes even across a locality)
The seller in Kodaikanal, Ooty and other hill stations always thinks that it is seller market and tries to pitch for an unrealistic price resulting in failure to sell the property. Instead, a fair pricing policy based on the prevailing market value at that location plus or minus the cost considering the above 7 factors very specific to hill station, would yield results.
This is the secret behind why a seller is unable to get buyer to his hill property for a long time and the need for a professional realtor like Hills & Wills to handle the job.
The buyers are too smart nowadays and they do pricing research across internet and other personal contacts before they buy a property in hill station which the seller need to remember always. Hills & Wills assists its clients in Kodaikanal, Ooty, Nilgiri, other major hill stations in South India to estimate the right price for their property through “free property valuation service” (based on prior appointment), sell it quickly in a professional manner and thus remains as the most professional realty company in Kodaikanal, Ooty and other hill stations.