Last Updated on June 7, 2023 by hassan abbas
As a property owner, you usually give more thought to initiatives that will raise the value of your home. However, there are just as many, if not more, things that might lower your home value.
Property values typically rise over time. However, that is considering a generational chronology rather than a current one. Property values may change over weeks, months, or even years due to a variety of circumstances. While many of these factors are beyond your control, some of them might not be.
Latest housing projects have proven to be more capricious with time in terms of profits and capital returns. Does this mean property in such housing projects will dwindle too?
To answer this query, we have compiled a list of factors that homeowners were not aware can play a crucial role in decreasing a property’s value.
1- A disregard for maintenance
One of the most crucial elements in increasing the value of your property is maintenance. A newly built home in smart city Islamabad would require less maintenance as compared to a home in inner-city dwellings.
Considering the fierce competition in the real estate market, presenting your property in the best possible light is essential to maximizing your profit. Your carelessness, such as falling behind on maintenance or cleaning tasks, could result in a sharp decline in the value of the property.
2- Too much personalization
Homebuyers also take into account how much work needs to be done while evaluating a house.
This can entail exchanging bizarre wallpaper, painting over unusual colors, and switching out peculiar fixtures. They might include it in their budget because such chores can be quite a time- and money-consuming, and then ask you for a reduced price on your house.
This seems fair, and you may avoid it by refraining from making too many individualized alterations to the property.
If you wish to do anything novel, be sure it can be quickly undone or reversed so that it may be later sold.
3- Uncared-for front and back yards
Presentation counts when selling real estate. Updating the exterior of your home is a terrific method to increase the price; conversely, ignoring the aesthetics could cost you money.
If your home has a front and rear yard, maintain it regularly to prevent a mess. Potential buyers will have a positive view of the house as a result and think it will be well-maintained as well.
Eliminate any surplus plants and flowers as another way to keep your front and backyard clutter-free. This will project a tidy and clean impression.
4- A poor or noisy neighborhood
The average housing value in a neighborhood with dirty, neglected homes is lower than that in a neighborhood with clean, well-maintained dwellings.
Even if a property has every appealing feature that buyers are looking for, a glance at the mediocre homes next door may easily put them off. Location significantly influences a property’s value. People are drawn to places that are close to parks, stores, and schools because it makes living there more convenient, particularly for families
5- The effects of address suffixes
The millennial and baby boomer trend has introduced other characteristics and preferences that can affect your property’s value even if the location is a key consideration when buying a home.
The majority of buyers today want to purchase a home with an easy address or one that is situated on a major street, avenue, or boulevard. Since these addresses are regarded as exclusive, real estate is similarly expensive with an easy address.
6- Inadequate upkeep of external paint
Visitors’ initial perception of your home is dependent on its appearance. The exterior paint’s peeling, fading, or discoloration might be a significant turnoff.
The disadvantage of painting your house a strange color is also present. Most purchasers favor neutral colors like gray, white, cream, and beige.
Decide on your colors carefully if you intend to personalize your home to sell it for a profit in the future.
7- Inadequate garage space
Your home’s architectural design has a major impact on its worth. Therefore, having garage spaces can significantly increase the valuation of your property.
Many purchasers eventually back out if your property lacks a designated parking area or a garage since it can be quite challenging to keep their car secure.
If you had noticed these factors, then you already are aware of your property’s value. All you need to do is maintain the upkeep of the property to increase real estate value for future trends.