Every home buyer looks at multiple things before purchasing a property. After all, buying a house is not an easy decision to make. It is natural that a buyer always tries to get a good price and the seller, on the other side, does his best to “sell high”.
But are you aware of the common home improvement pitfalls which can instantly decrease your abode’s value? On the top of that, the buyers can even use these factors as a leverage at the time of final price negotiations.
If you are looking to sell your property, then it is important for you to know that there are numerous factors which determine the value of your home. While some of them cannot be changed so easily, a few things are still under the control of a homeowner.
Here’s a comprehensive list of such factors which can reduce the value of your property:
1. Negative local factors
When an individual decides to buy a resale property, the first thing he probably looks for is a good location. Is the neighborhood satisfying? Are there any negative local factors near the property? If your home is nearby a power plant, garbage dump, landfills or slum area, then you may not end up getting the expected amount for your property.
2. Connectivity issues
If your property is not well-connected to the major employment hubs via roads or rail or perhaps there are no decent schools, hospitals etc. near your location then it can lead the prospective buyers to not valuing your house as much as you expected.
3. Excessive supply in the market
When there are too many options available for a buyer in the same locality, you might find it difficult to sell your house on higher rates. Basically, the more comparable homes in the local market, the harder it gets for the seller to obtain a great deal.
In such cases, sellers are often left with no choice but to reduce the price of the property to match the prevailing market prices or to close the deal amid stiff competition.
4. Noise pollution
Times have changed and so do the preferences of buyers. Nowadays, nobody wants to live in a property situated close to the busy roadways or railway stations. Moreover, for families with children, your house will not be valuable if it is located near main roads or intersections. Chronic noise pollution around your locality is a major factor that can devalue your home.
5. Poorly designed structure
In case the property you want to sell hasn’t been designed efficiently or is not aesthetically pleasing, for an instance, it has narrow corridors, small bedrooms etc., these things will lead to reducing the value of your house. Moreover, cracks in the building or dampened walls could also change buyer’s mind about purchasing your property.
6. Unpleasant history
If your flat or apartment has a history of bad events such as accident, murder or any other tragedy, it can really put a dent on your property’s value. Most of the people usually refuse to purchase such a property which has a bad history, even if it is located in a posh area.
7. Interior/exterior eyesores
Your home’s exterior is the first impression people get of your property. And if your external walls are having peeling paint or cracked or simply the entry gate is broken/damaged, that could be an instant turnoff for the prospective buyers.
The same can be said for the interior of the house. An uncleaned apartment with several internal eyesores including, large stains, faded paint etc. significantly reduce the property’s value.
While selling a property, a homeowner should try to improve the things in their control like complete all cleaning, repair and do fresh paint jobs to increase the value of their property.