The condition and area are similar, but the price varies sometimes: what determines the value of the home?

Location is one of the most important factors

Housing can always be repaired or installed new, but its environment will usually not change it. As a result, buyers are often inclined to pay more for apartments with a convenient and well -developed infrastructure.

“Naturally, the value of the dwellings in the central part of the city is usually higher – many residents want to enjoy life near the benefits of easily accessible services, entertainment and cultural places, to enjoy convenient transport, environmental environment, green spaces. Neither a new and beautifully landscaped apartment in the bedroom area, ”notes Saulius Vagonis, head of the Ober-Haus Evaluation and Market Research Department of the real estate service company Saulius Vagonis

Development and urbanization increase value

J. Vilkėne, head of the real estate marketing and sales department at the sustainable urban and infrastructure development company YIT Lietuva, says that the value of the dwelling is much influenced not only by the distance to the center, but also how much the specific location is developed and urbanized. As a result, as certain areas and areas of the city change, the value of the dwellings in them may grow or decrease. For example, while the area is lacking in services and social infrastructure – kindergartens, schools, various other institutions, and the landscape of collapsed factories dominates or is surrounded by clear fields, and the value of the dwelling here will be lower.

« Urbanization and development processes that revitalize certain territories undoubtedly grow the value of housing by increasing the attractiveness of life in a particular place. value, ”notes J. Vilkė.

According to S. Vagonis, clear examples of apartment prices growth are seen in such areas of Vilnius such as Šnipiškės or Naujamiestis. In the past, these districts, which have not been attractive, have become more coveted by the population due to the ongoing urban changes – new construction, improving infrastructure and the availability of services, which also led to the growth of housing prices here.

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From abandoned garages to one of the most attractive quarters

One of the examples of such a value -growing transformation is the « New Skansen » quarter developed in the Šnipiškės district of the capital. J. Vilkėne says that when the development of the plot next to Linkmenu Street, it was a much potential, but a location that has a comfortable infrastructure needed for a comfortable life.

“Garages, storage and industrial premises turned the New Skansen area into a modern and housing buyers in one of the most valued quarters in the capital. Of course, building a home area alone is not enough. A thoughtful vision of territory development is needed, including surrounding management and infrastructure development, public architecture, ”says J. Vilkene.

According to J. Vilkenė, as the new quarters develop in various parts of Vilnius, the attractiveness of the dwelling is only increasing. The commercial premises in the new home are home to various service and retail outlets, and quarters of green spaces with modern children’s playgrounds allow for quality relaxation, while bicycle and pedestrian paths combine such areas with other parts of the capital. In addition, the surrounding streets are arranged, with modern lighting, which increases not only the value of the newly installed quarter, but also the value of the apartments of the surrounding houses.

It is important to evaluate all the pluses and minuses

S. Vagonis notes that the value of the dwelling is influenced not only by the attractiveness and prestige of the district or quarter itself, but also the location of a particular apartment in it. For example, window orientation to a busy noisy street usually reduces the value of the property, and an apartment in the same house with attractive views through the window can be much more expensive. The windows oriented by the building or the structures in front of the sun can also become minus. According to the expert, the value of the apartments on the ground floor of the house is usually lower.

« Even in the same quarter, the value of the same area and similar installation level dwellings may vary significantly due to the above factors. In other words, the value of the dwelling is important all aspects that increase or reduce the attractiveness of life. Each plus, including good reputation, developed infrastructure and It reduces the value of the dwelling, ”says S. Vagonis.

When thinking about the value of housing in the future, according to the real estate expert, it is always worth considering the potential of local development, approved development plans, and the construction is expected in the area. This can help make good investment decisions and acquire liquid assets