There are many factors that determine the resale value of property. Here are the main factors that do so:
According to KW research, homes in good to excellent conditions sold 16 days faster than other homes. It also sold for more money with fewer price reductions. It is all about proper maintenance. During the period that the previous owners have resided in a house, they should have done their best to maintain the integrity of the house. They should have kept it clean to start with. Cleanliness leads to avoidance of other factors such as the presence of vermin in a piece of property. The other aspect of the condition of a house is its structural integrity. Protruding bricks or cracks in the wall should have been repaired in a way that ensured the house would be standing for the long term. Accidents such as faulty pipes or electrical wiring also contribute to the condition of the house. Hiring quality contractors to take care of such issues may seem expensive in the short term, but it will count much when it comes to selling the property.
Upgrades become part and parcel of the property. Renovations do not mean repairing of damaged areas of the house in this case. It means making the house better. For example, the residents of the house might have replaced a shingle roof with a more expensive metal roof with quality skylights. Such aspects of the property should drive up its value. Upgrades also involve improving the house in technological terms. For example upgrading a mechanical garage door to an electrical door should count when calculating the resale value of the property. Sadly speaking, renovations could also be the reason why a prospective buyer may decide not to buy your house. Some renovations are a matter of personal preference, but others such as technological ones should be fine since they will be required in either case.
The location of a house is critical in determining its cost. If a house is located in a neighborhood with houses that are of high market value, then that house will probably cost more than a house in a rundown neighborhood. The community is integral to the location of the house. A gated community with good security is almost a guarantee that the property will cost more than it otherwise would. Location in a city also matters. Things such as a view determine the prices of a house. A house by the beach or on a hillside is more expensive than a suburban home in a flat area. The location is a key determinant factor.
Houses are measured by square footage, and it goes without saying that a house with more square footage costs more than one with less. The size of a building is not independent of its design and layout. The design of a big building is what makes it not to be a big slab of concrete. The way the rooms are structured, a spiraling staircase and the number of bathrooms determines a lot when it comes to selling a piece of property. There are ways to make a house appear larger than it is that could increase the amount you gain from the sale of property.
Age is a volatile factor affecting house prices. An example of age being a touchy issue is that a house built and designed in the 19th century will cost more than a house built in say 1950s. Though it may seem like a newer house should cost more, this is not always the case. Old homes are regarded as classical. Their architecture and designed is valued because of the period in which it was done. An old house could be valued as an antique. For that reason, it is also a matter of personal taste.
Occurrences in the building
The history of a building contributes to its prices. Any remarkable event held there could either drive up or reduce the resale value of a piece of property. In general terms, negative events happening in a building reduce its value while positive events will increase its value. For example, if a death or several deaths in an unprecedented case occurred in a house, many people will have a psychological inkling against buying that piece of property. On the other hand, if a house is associated with a positive issue such as housing a celebrity or famous entity then many people will want to reside in that house. This last factor is primarily a matter of psychology.
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