5 Factors that Influence the Resale Value of Your House
The resale value of a house is something that buyers and sellers need to be aware of.
It is an investment that you make and naturally, you want the best returns when you decide to sell. If the house depreciated over time, it might sit on the market for a very long time, the seller might get fewer offers and lower offers than expected.
Many factors contribute to the resale of a house. Buyers and sellers can look out for these positive features when making their investments.
#1 - Excellent location = excellent resale value
The three magic words in property are, of course, location, location, location. The better the area or the neighbourhood of the house, the higher you can push the asking price.
Real estate agents often point out that good homes are situated near good schools and amenities which shows the convenient location of the house. Buyers also look for quiet streets and neighbourhoods where safety is important.
Not every buyer will be on the lookout for a house in an amazing neighbourhood but it can boost the resale value of the house.
#2 - Proximity to schools boosts the value
Buyers usually buy homes because they want to start a family or because they already have a family. Neighbourhoods that are located close to good schools are a major selling point.
This means that children can either walk to school without worrying about their safety or parents don't have to drive very far to drop the kids off.
A bus stop is another attraction that can boost the resale value of a home. Then parents don't have to worry about commuting at all!
#3 - Value with a view
Homes with gorgeous views always sell. Who wouldn't want to wake up to greet the magnificent mountaintops or a serene sea at the edge of their backyard?
Quite simply put, it calms the nerves and offers a tranquil environment after a long day at work. If your house has a beautiful view then the value of the house will appreciate over time.
In contrast, homes with big windows that overlook their neighbours' yards or the garbage dump will have a negative impact on the investment. It's all about aesthetics and that is what buyers are looking for.
#4 - Curb appeal
One of the easiest things that sellers can do is to spruce up their curb before selling. Not only does it highlight the features of the exterior of your home but it increases the value, too.
You want to make it seem like the house is well-maintained and that a lot of care goes into the property. Homes with rundown yards and curbs are often passed by without so much as a second glance.
You want the buyers to be amazed at your yard and compliment you on your gardening - even if you enlisted the help of gardening services!
#5 - All systems go
The last thing a buyer wants to do is to fix or reinstall things in their new house. They often don't have the time or the money to do so.
Before listing your house, make sure that all the systems are in working order. This includes plumbing, electrical work, the aircon systems, and any security features that you might have.
If a house needs rewiring, for example, the chances are slim that you are going to get a good price for it.
When selling a home, many factors contribute to the resale value. Ensure that the house is always well maintained and in the best shape it can be before listing it.