In case you’re considering selling your house or moving to a new area, it’s important to be aware of the things that could have a negative impact on your property’s market value, and even impede a future sale. When it comes to valuing a property, there are many factors in play, some more obvious than others. There are unexpected ways to boost or reduce the value of your property, and here, Haysha Deitsch uncovers the most important factors that can certainly impact the price of your home.
This is one of the most important factors that affect property value. If you ask an experienced real estate professional like Haysha Deitsch, CEO of Beechwood Acquisitions, location is at the top of the list. If the property is placed in a prime location, you will be expected to pay a higher price. If there are schools in close proximity to the location, the quality of these schools will have an impact on its value. Potential home buyers care about the community. Properties located in rural areas cost less than those in the business district simply because some areas are worth more than other areas. That’s why you cannot expect to sell your apartment in a rural area at the same price as apartments in city centers. Factors that affect the value within a specific location are the prices of the recently sold properties within the area and the community.
The strength of the overall economy is another major factor that affects property value. When the economy is good, wages increase and the buying power of consumers becomes strong. In that case, there’ll be more people ready to own or invest in a second home or a new one entirely. With higher demand and an increase in real income, house prices will also tend to rise.
Updates and Upgrades
The condition of a home can definitely increase or decrease its price. Even though some buyers specifically look for fixer-upper properties, most home buyers prefer a house that is move-in ready, and they are willing to pay for that comfort. For example, a new roof generally regains more than 80% of its value when the home is sold. According to Haysha Deitsch, a real estate developer with over $100,000,000 successfully completed real estate transactions, upgraded kitchens and bathrooms are among the most important upgrades because they represent a major expense if the buyer has to fix them.