Understanding the Factors Affecting the Value of Your Home

By: navjeet kaur


Competitive realty market and shaky economy are making the scenario difficult for homeowners who want to sell their homes at a good profit. Buyers definitely have an upper hand as there so many properties waiting to be sold, requiring sellers to make every possible effort to increase the saleability of their home. However, it is easier said than done, as there are so many factors affecting the value of your home, some of which are beyond your control while others can be rectified easily.

• Location – Location is certainly the first and foremost factor that buyers take into consideration, as they look for homes which are located in a central area and surrounded by a peaceful neighborhood. If your home is located in an area which is noisy, polluted or difficult to access, then it is less likely to fetch a good price.

• Curb appeal – Freshly painted walls, a properly mowed garden and well kept sidewalks are sure to make a positive impact on the buyers. However, if the paint is chipped, windows are dirty and the tiles of the driveway are broken, then it might make the buyer wonder what else is wrong with the house.

• Outdated fixtures – Having outdated fixtures in your bathroom and kitchen can also prove to be a big turn off for potential buyers, because these are the two prominent areas having a huge impact on house sales. Adding new appliances, updating the fixtures and painting the cabinets is a good way to spruce up your kitchen and bathroom, making them look modern and appealing.

• Unusual improvements – Taste and preferences vary from one buyer to another. Thus, staying neutral is the key. An improvement that you adore, like a huge outdoor swimming pool or a brightly painted entertainment room, might become a deal breaker for the buyer or make him offer a price much lesser than what you expected.

• Lack of storage or parking space – Removing a cabinet to expand your kitchen or turning your garage into an office or gym might serve your immediate needs, but it can devalue your home. Buyers look for a home with sufficient storage and a safe parking space and not having these features in your home can make it less desirable.

• Safety concerns – Safety is crucial whether inside or outside your home. Your home can lose its value if it is located in an area with the possibility of natural calamities or high crime rate. Similarly, if the structure of the house is old and is losing its integrity, then it can be a risky investment that no buyer would like to make.

Being a homeowner you want to earn maximum profit when selling your home. While you might not be able to control every factor mentioned above, making a few well planned improvements can help in maintaining the value of your property for a long time to come. Moreover, these considerations can not only help the homeowners, but can also prove useful for buyers looking for a new home, as they can avoid making a less than profitable investment by keeping these things in mind.

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