What hurts your property value - Adam Lloyd Real Estate

What hurts your property value

There are several reasons why people choose to sell their house. Maybe they have chosen to permanently relocate to some other place and they have no intention of renting it out. Or, maybe they’re selling their house to support their finances. In any case, if they are looking to sell their house, they must be wanting to get the best value for it. For most people, their house is the biggest financial asset they own and what if its value starts depreciating. If you want to get the best value for your house lookout for what is hurts your property value:

LOCATION

Location is one of the most important factors in determining the value of a property. If the demand for housing in a particular area rises, the value of the properties there tends to increase as well. The demand rises with constant technological and societal development in the area but if it is not in sync with today’s culture then the value of the property will go down no matter how luxurious the house may be. Also, proximity to the basic amenities is another factor that determines the value of the property. Tree and playground removal, poor weather, crime rate, and low-income levels are other factors.

PHYSICAL CONDITION

The physical structure of the home constantly deteriorates. With time, it requires fixes, additions and style changes, which also helps with increasing the value of the house. But if the needed fixes and changes are not done, the value of a house will decrease further so you have to regularly check the condition of your house’s structural components. Not only this, but a poorly maintained property will also decrease the value of properties across the neighbourhood as well. But if the basic infrastructure is good it will surely add value to your property the infrastructure of a particular property, would include things like availability of proper water and electricity, an access road, a garage, a properly fitted kitchen and bathroom, efficient waste disposal facility, proper drainage system, security, and anti-theft measures. Most home improvements, be it as basic as getting a brighter, more neutral colour for your house, or major as adding a conservatory, will surely help add value to your home.

VACANT HOMES IN THE NEIGHBOURHOOD

Vacant or foreclosed homes affect the price of your property in a negative way as well as lower the desirability of the whole neighbourhood. Uncared homes become a playground for pests. When the yard is not trimmed or the structure of the home is not maintained, termites, mosquitoes, and spiders can become your new neighbours. Damaged wood can be a nice feeding ground for termites and standing pools of water become a breeding ground for all manners of flies and pests. Along with this vacant homes are also prime areas for arson, vandals, and vagrants. What hurts your property value

MARKET CONDITION

Market Condition also plays a major role in determining the value of your property. The number of sellers and buyers in the market will also influence the price tag of your property. Depending upon the supply and demand of the real estate in your area when you are considering selling your property. Assessed Value is usually linked to the per square feet value of your property, which is established by the taxing authority usually. You can estimate your property’s value by multiplying the square footage by the average cost per square foot in your area. If the per square feet value is less, then the value of your property will go down. What hurts your property value

ILLEGAL BUILT

If your property is stretched beyond the permitted area that is considered illegal and it brings the value down no matter if it’s an addition to your home. Buyers who have good knowledge about unpermitted renovations will always negotiate for a lower price considering they have to get a retroactive permit, get it fixed or live with the associated risks like pipe bursts or an electrical fire starting due to code violation. What hurts your property value

POOR LANDSCAPING

Good landscape design can help increase your property value by up to 20 per cent, so it’s no surprise that poor landscaping choices will have the opposite effect. When you prepare your home for selling, you must consider the factors that might hurt potential buyers. A house on a hill or sloping yard can discourage some buyers, especially those with children. These are the factors what hurts your property value What hurts your property value

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