It is a human nature to leave no stone unturned when it comes to selling off their valuable possession. And a home is indeed a lifetime investment. When it comes to a situation that we have to put it out in the listings for sale, everybody looks for getting the best possible price.
So, it is very important for you to understand the factors that influence the property valuation.
Are you thinking of selling off your property in the market? There are many factors that will affect the price of your home and listed below are a few key factors that can affect the appreciation or depreciation of a real estate investment.
The location is the top most factor that decides the value of your house. If your house is located nearby schools, colleges, institutes, medical facilities, local market or at an area connected to transportation services, you will certainly get a fair rise in value. All these play an important role in the market value of your house. Other facilities like proximity to shopping complexes and, recreational centers also determine the value of your home.
An important issue in today’s world where generally there is more than 1 car in each family is the availability of dedicated parking space. Lack of parking spaces in metropolitans as well as in cities and towns does affect the value of the house. Even a single parking space added to the house can increase the property value by up to 5%. Because the population will certainly show more interest in a property where they can park their vehicles safely. Parking space availability act as a decisive factor for the price fluctuation for residential & commercial properties for sale.
When talking about the condition of the property, it has been noticed that people mostly prefer looking for properties that are older but well-kept and in need of only a little renovation than that’s newer but requires major renovation. The majority of home buyers will agree only for a little renovation. Thus, the condition of your property will bring a change to the price. So, better to keep your house in good condition before you put it out for sale.
The price of your property will also depend on the outer appearance of your home or its “curb appeal”. A spruce up or a tidy garden will bring a 5% to 10% increase in the market value. Buyers will probably be more willing to spend out more money for a property with a well-maintained garden and solid flooring.
History Of The Place
Some mishappenings of the past like fire, getting flooded, pest attack or any incidents will also affect the property value. The buyer will be doubtful of the strength of the foundation. Moreover, certain buyers are also susceptive of issues like theft, suicide or any criminal activity. This will majorly put a low price for your property. Negative history of the house can make your home difficult to sell and depreciate its value.
The above factors determine the house price and it helps to have an estimation of the value so that you can make money when selling your property. Know these factors and get your home smartly valued at good price.