If you are selling your house or investment property you will want to maximise the selling price. Capital growth and a good home renovation are some of the factors that can help boost the value of your property.
But did you know that there are factors that can devalue your home which can reduce the number of people interested in buying your house?
Here are some factors that can devalue your property:
1. Bad home renovation
Upgrading the looks of your home and its functionality through a well thought out home renovation will increase the value of the property. Some renovations can cost a lot, so going DIY is a cheaper alternative.
However, if the renovation doesn’t go as planned or if it looks unappealing because the paint work is patchy, the corner kitchen cupboard won’t open, or the new fixtures don’t fit the new look of the home, then a renovation fail can quickly repel buyers.
2. Poor Location
Location is a really important aspect in real estate. If your property is located in a street with a bad reputation, if your house is in a flood prone area, or if you have difficult neighbours then these can seriously devalue your home. Other factors that can have an effect are close proximity to clubs, graveyards, city dumps, and brothels.
3. Supply and demand
Supply and demand in real estate can have an adverse effect on the price of your property. If there are a number of listings in the market with too little demand for properties, then this can lower the value of your home. You will need to compete with other listings, especially if they are very similar.
5. Unappealing Kerb Appeal
The exterior of your property is the very first thing people see. If your house looks unappealing or outdated on the outside, people will think that the interior will look the same as what they see outside. So before putting your property on the market, make sure that the house is in a good state by refreshing exterior paint, maintaining the lawn, or updating the letter box.
6. House Numerology
This is an unconventional factor, but some homebuyers believe in superstition. For example, if your house number is 5143, if calculated 5+1+4+3 is 13 is said to be an unlucky number. This can put off some people and it might devalue your property.
When putting your property on the market, make sure to consider these factors so you can act fast and learn to maximise the value of your home in other ways.