In the face of a volatile property market, getting the most for your money – or for your home – can seem a tricky prospect. There are, however, some things that can work either for or against a property’s value – and they’re often things over which you may have little or no control.
Location/ Local amenities
Location encompasses many considerations. “Does it have a view? “What’s it next to? Is it near retail establishments/shops/malls? Or a highway?”
Having good access to public transport helps, as can access to schools, shops, hospitals etc. Having a pub or a liquor bar can be an advantage or a drawback, depending on the buyer.
Age and condition
Older homes, assuming they’re well maintained, and new homes are typically more valuable than homes built somewhere in the middle. Generally, as a home gets older, it becomes less valuable. Renovations influence a home’s value, but if your home is considered ‘over improved’ compared with other properties in the neighbourhood, it can actually hurt the property’s value. You could keep records of repairs and upgrades to show potential buyers that the home has been well maintained.
Layout
There’s more upkeep and a lot more involved with taking care of big houses and many may prefer crisper arrangements. Some may choose an open-concept design, which looks much more spacious but others might wish for a cosy space. The number of bedrooms also influences a home’s value, so think carefully before putting up /pulling down a wall and subdividing or including a room. Fewer but larger bedrooms tend to boost value.
A disturbing history/ negative events
While sellers don’t necessarily have to disclose every detail of unfortunate events in a property – such as a murder, suicide or other unnatural death – it has the potential to affect the price. If you’re buying and a property seems too cheap, dig into the history. It might be that you get a bargain because whatever happened doesn’t bother you – but remember that you’ll be relying on someone with an equally robust outlook coming along when you decide to sell. If your property has experienced a fire or was the site of a crime, even burglary, it could be a harder sell and command a lower price.
Antisocial neighbours
Having antisocial neighbours also has a detrimental effect on property price – they can shave around 10% off the value of a home. If they move in after you, you may be stuck with them, but if you are moving somewhere new, do some checking. Turn up at different times on different days, and chat with neighbours if you get the chance.