Factors Affecting the Value of the Apartment
- Buying an apartment in Israel
- Appraisal and value of an apartment
The variables that can affect the value of a residential apartment, in ever-widening circles, are the apartment itself, the immediate and distant surroundings, and finally the economic and security situation of the country. Influencing factors are physical, architectural, engineering, legal, environmental, economic, social, political, regional, taxation, international and more.
Physical data of the apartment, such as size, number of rooms, age of the building, level of finish of the building, facades, floor and more.
The proximity of the apartment to various services: transportation, roads, schools, hospitals, shopping centers, employment centers, and more.
Registration status of the apartment: Is the apartment registered in the Tabu, are there any construction anomalies, is there a problem with the registration itself, are there any liens or other restrictions, and more.
Dangers in the vicinity of the apartment: In our small country, the distance of the apartment from dangerous areas at the national level and at the local crime level will affect its value.
Hazards: noise, transportation nuisances, industry, odors, air pollution, construction seniority, lack of development, overcrowding, design defects, and radiation.
Taxes: Taxes imposed on real estate and many high real estate transactions, and for each apartment and each transaction the amount of tax will be different.
Population: The socio-economic level of the population, as well as religion and components of the community, age, and more.
The purpose of the appraiser is not to present the price of the apartment but its market value; its objective and theoretical value. In other words, its purpose is to remove the subjective components of the price of the apartment out of a desire to reach its objective value.