Whether you are selling your home or searching for one to buy, you might probably be wondering, what factors or facilities might affect the value of a property in a positive or a negative way.
If you are looking for a buyer to purchase your house you might want to know about these factors so that you can get help to amplify the value of your house.
On the other hand, if you are looking to buy a house to live in or a property to invest in, it will be wise enough to look out for these factors. You should see whether the house you intend to buy fulfills these factors. If not, you should continue your search or negotiate the cost of the house that lacks these features.
Let's take a look at all these factors that can either increase or decrease the value of any house by thousands of dollars. We bet you might be surprised to find a few factors here.
Also Read: What do you need to know about buying a fixer upper?
The first and foremost factor that affects the value of a property is its neighbourhood area. If the property is located in a surrounding with high profile people, the market value is likely to increase. However, the value will be lower instantaneously if the locality has high unemployment rates and criminal cases. This will not go down with the potential buyers and you will have to negotiate with the price.
Public Transport Network
If the house is easily reachable via public transport or it’s easy to get a transport facility near the house within minutes, the property value is likely to shoot up. You can highlight the public transport facilities such as a metro station nearby to the buyers who are interested in your property. Likewise, if you are intended to buy a house not easily accessible via public transport, you should negotiate with the seller.
Also Read: Ready To Buy Your Dream Property? How To Find A Buyer’s Agent
Access To basic amenities
For a good house, it is necessary to be in an area where basic facilities are easily accessible especially for a couple with kids. If your house does not have any schools, parks, and emergency services like hospitals nearby, it will drastically affect your property’s value. Buyers are always looking for opportunities to invest in locations with malls and supermarkets. Therefore, if you are one, you should look for all these in the locality before purchasing a home.
Bad Quality of a house
If your house needs some serious repair and improvements and low-quality exterior paints and upgrades are easily visible, it is bound to ruin the first impression of the buyer. No one wants to buy a house that is not visually appealing. So it is wise to invest in basic renovation facilities such as upgrading the wallpapers and paints before inviting buyers for house inspection. This will boost the market value of your house significantly.
Also Read: First Home Loan Deposit Scheme
Similar to the inside view, the outward appearance of a house can also make or break a deal. A shabby garden and dirty driveway will be a death blow to the market value of the house. So it’s necessary to hire professionals to clean and tidy these places. You also pay attention to your backyard area and see it is clean and inviting.
Lack of Storage Space
If your house does not have enough cupboards and cabinets to store things, it will affect the image of your house. People won’t want to buy a house without enough space to store things. Besides, the house will appear smaller and shabby to look at.
Also Read: What Does A Buyer's Agent Do?
Pricey Interest Rates
This may be a surprise but even if your property fulfills all tests, clients won’t want to buy your house if the mortgage interest rates are very high. Most of the buyers have a set budget and mortgage repayments will shoot their budget, hence, they are likely to turn away.
Dull Street View
If your house has a very dull neighborhood without lush green trees and parks, the locating will not feel inviting. In the contrast, a green neighborhood and maintained house will seem inviting and add up to the value of the house.
No Eco-Friendly Amenities
Nowadays, buyers want to invest in eco-friendly and energy-efficient houses that do not impact the environment and cut down the bills. So it is sensible to invest in energy-efficient technologies such as solar panels to improve the market value of your house.
Freedom to customize
Finally, your house should be able to give flexibility to the new buyers to add amenities and features they like. This ability of your house will be pleasing to the new buyers and instantly add up the market value of your house.
Read: Top 5 Reasons To Hire A Buyers Agent When Buying A House
Thank you for Signing Up
We are committed to our clients, to provide long-term opportunities and financial stability. Using technology tools and the right software we bring the best value for money available to the client at that moment.