A house is made of walls and beams; a home is made of love and dreams. We spend our lifetime savings to buy the best house for our family. A home is, indeed, a lifetime investment and if by any chance, we have to put it out in the listings for sale, we leave no stone unturned to ensure that it fetches the best possible price. To get this, before analyzing the property trends and rushing to property agents the first thing you should do is to identify the major factors that affect the market value of your home.
Many factors can affect the price of your home. From the location and connectivity to the basic amenities and the upgrades made, anything can affect the market value of your home. That said; here are the 5 major factors that can appreciate or depreciate your home value.
#1 House Age And Renovation
The age of your house is also instrumental in affecting the price of your house. We’re not talking about the historic-type old houses here, they undoubtedly fetch a big sum; What we’re talking about are the houses that are three to five decades old. Such houses can be a hard sell. However, if the timely renovation has been done and the house is decked up with all the latest amenities and interiors like a modular kitchen, well-tiled modern bathroom, and other necessary upgrades, it will appreciate the value of your home a notch higher
The top factor that can be decisive in determining the value of your house is the location. Where your house is located, whether it is nearby schools and higher education institutes or not, what are the nearby medical facilities, and how connected the area is in terms of transportation; all these play an important role in raising or dropping the market value of your house. Proximity to local markets, shopping complexes, and, recreational centers also plays an important role in determining the value of your home.
#3 Distance From Commercial Hubs And Industries
A house located near a commercial hub attracts more buyers than one that is located far away. Buyers seek a house in a location that is easy to commute from their offices, and if your house is near a commercial hub, more buyers would be interested in the property. So, if your house is near an IT hub or any other business and commercial hub, your house value will certainly increase. Contrary to that, if your house is located near an industry, chances are, it may hurt the property price. Industries give away toxic pollutants in the surroundings and even make a lot of noise; therefore, buyers tend to stay away from houses near an industry that depreciates the value.
#4 Parking Space
Lack of parking spaces is increasingly becoming an important issue in metropolitans as well as in cities and towns. According to a recent study, having a single parking space added to the house can increase the property value by up to 5%. The reason is that 90% of the populace today has a vehicle of their own and would certainly show more interest in a property where they can park their vehicles safely than the ones that do not offer this facility. No wonder parking space availability acts as a major decisive factor for the price rise or drop for residential & commercial properties for sale.
#5 History Of The Place
If your home has had some history of getting flooded, pest attack, or fire incident, it may attract fewer buyers as they may doubt the strength of the foundation. Other negative events like suicide, criminal activity, or sudden death may also be a reason for buyers to put a low price on your property. Any negative event in the history of the house can make your home a hard sell and depreciate its value.