Regardless of the factors which boost the resale value, there are yet certain things which bring down the value of a property. Most homeowners merely focus on how to boosts the value of the property. But neither of them thinks what makes their property unique from the rest of the other properties in the locale which eventually attracts buyers. On the flip side, there are some sure factors which will bring down the resale value of your property. Below listed are some of the affecting factors which every homeowner must be aware of.
Too much or unnecessary renovation
This is the most significant reason which has a negative influence on your property for resale. Generally, renovations are made to improve the value of any property. Renovations are an easy way to increase the value of the property despite the location where you own the house. You might own an apartment or Villas in Chennai OMR, ECR, Pallavaram or Anna Nagar; this surely boosts the value of the property.
At the same time, wondered how this could impact negatively?
(A) Too much of embellishments lead home buyers to shell out extra money from their pockets.
(B) This renovation makes your property stand out among the houses on your street. Also, it might turn into a bad idea if there’s another villa for sale on your street for a fair price than yours.
(C) They might overlook the industrial interiors you planned for months because it is unnecessary for them as a buyer. In this scenario, always think from the buyer’s perspective rather than building up your house with personal touches.
Age and condition of the property
While you know it is quite understandable that the age of the property will have an impact on the value. That doesn’t mean the interiors of your house should reflect the age of the property. Remember, the rust, the dust, the stains and dirt would cause the buyer to withdraw from the deal. The property shows how responsible the owners are. A well-maintained property wins a buyer’s heart regardless of how old the property might be. Always make sure your property looks neat and clean. Transform your house presentable with just a round of thorough cleaning and a few alterations. Or to make things even easier, just re-paint the interiors and exterior of the house. This alone will do for a good first impression.
The size of your property
Size is an important factor considered at the time of both house hunting and buying process. However, a small apartment differs from a luxury individual house. The price is estimated in terms of the number of floors as well. For example, Mr Raghu compared 1 and 2 BHK flat in OMR and he bought the 2 BHK because here, the size is the necessary factor for him. According to the demographics, buyers search for the spacious houses which include the number of bedrooms as their essential factor of their house searching process.
The layout of the property
Other than the number of bedrooms, the layout of the property has a vital role in the resale value. Home buyers often look for open-concept layout than a closed one. The open layout makes the house to look more spacious than the rest of the houses. This has become the raging trend to bring the illusion of spaciousness these days.
The reputation of the property and the developer
It might sound strange, but most home buyers look for reputed properties. The well-known property builders and developers bag the deal over the other developers in the city. So the reputation of the builder from whom you bought the property matters most when it comes to resale value. It could be the layout, architecture, or the strength of the construction the developer gives the residents. There are multiple factors involved in the real estate market to decide the reputed developers among all.