10 Factors that can affect property value
You have a house or a condo for sale?Ever dreamed of seeing the “SOLD” sign displayed on your lawn?The success of your marketing depends on several factors that can influence the value of your property. Finding a buyer who will offer you the best price is a complex endeavor that requires a lot of preparation.Here are ten factors that can affect property value.
1. THE LOCATION
Brokers all agree that the three real estate golden rules are: location, location and location.The value of a property depends heavily on the location.The famous phrase reminds us that it is better to have the least nice house in a good neighbourhood instead of the most beautiful house in a bad neighborhood. A magnificent property in a bad neighborhood may lose up to 50% of its value.Other factors such as proximity to a factory, a railway or even a highway can reduce the value of 10% to 15%.One way around the problem would be to emphasize the positive attractions (parks, schools, etc.) that are nearby.
2. THE DECORATION
You have succumbed to your desire to play the Picasso when it came time to decorate your home?Of course, bright colors brighten the atmosphere, but your taste in colours might not necessarily be a favourite among potential buyers.Buyers prefer modern decor trends of the day. An outdated or too eccentric decor can turn buyers off.
3. The Garage
The size or absence of a garage plays an important role in the value of your home. Potential buyers can offer a lower price if they consider that the garage is not big enough or if they must park their vehicles on the street. The condition of the garage is also important because it should not be used for storage. Better take care to present a garage where things are stored neatly.
4. The Roofing and Plumbing
Roofing and plumbing on your property will lose value if expensive work is needed to keep it in good condition. No buyer wants to replace the roof or repair the plumbing system at their own expense. Better to avoid unscheduled repairs. To get a better price and sell quicker, take care of repairs before putting your property on the market.
5. The Backyard
A backyard that is poorly maintained will quickly turn away buyers. Roll up your sleeves, remove weeds and mow your lawn. Your fence is slightly damaged? Give it a lick of paint! A welcoming backyard will make your property more attractive.
Believe it or not, for some reason, some buyers say they are put off with the sight of a clothesline. Some who see the clothes being dried outside are more tempted to do a lower offer. The value of a home could be depreciated by the sight of a clothesline.
7. A Swimming Pool
Not all buyers dream of having a pool. Some see it as an expense too maintain. In addition, a pool reduces the number of potential buyers which is then limited to those wishing to invest in the maintenance of a pool.
8. Outdated Appliances
Nothing like ruining the interest of a potential buyer that the sight of an old-fashioned oven or prehistoric refrigerator. Modern appliances tend to enhance the appearance of a room, thus justifying a better selling price.
9. Poor Condition
Faded paint, cracked tiles, worn carpet, a run down house won’t encourage any buyer to invest the amount needed. Instead, a potential buyer will use those irritating problems to negotiate a reduction in the sale price.
10. Hazardous Materials
In more serious cases, the presence of asbestos which poses a serious health risk. These situations require immediate action. Remove all black mildew stains with bleach, because they will be noticed during the visit. The value of your property will decrease if we find elements that can cause allergies or deteriorate the air quality. It is therefore important to analyze the air in your home and apply appropriate corrective methods.
Andrew Weaver is a licensed Realtor® with the Southern Georgian Bay Real Estate Board.
Serving Wasaga Beach, Collingwood and Clearview Township.