What factors are considered when determining the value of a property?

When determining the value of a property, several factors are taken into consideration. Firstly, the location of the property plays a significant role as it affects amenities, nearby schools, and potential for future development. The condition of the property, both internal and external, is also crucial, including the age, maintenance, and any renovations/upgrades. Additionally, the size and layout of the property are considered, along with the number of bedrooms, bathrooms, and overall square footage. Market trends and comparable sales in the area are analyzed to gauge current demand and sales prices. Other factors such as the property's accessibility, proximity to public transportation, crime rates, and environmental factors may also impact the value. Lastly, any unique features or improvements, such as a pool or energy-efficient systems, may contribute to the overall appraisal value.