If you are looking to sell your house or just hoping to protect your investment, it’s essential to understand the factors that can both positively and negatively affect property value. Some things are completely out of your control, like the future state of the housing market, whereas other things can be controlled with purposeful knowledge and action.
In this article, we will identify common factors that can harm property value, how to potentially increase property value, and how hiring a professional can assist you.
5 Factors That Affect Property Value
The following are 5 factors that can affect your property’s value:
Curb Appeal
First impressions are important. If your shrubs are overgrown and the lawn is not mowed, buyers may not want to see what lies within the walls of your house. You do not want chipped paint, peeling paint, broken fences, or rotted porches to be the reason buyers do not look further.
Outdated or Worn Interior
Outdated or poorly maintained appliances, used or tired-looking flooring, and outdated flooring or fixtures are not only unattractive but also have the potential to suggest poor maintenance. As such, the market value of your property will reflect that.
Major Structural Problems
If there is visible cracking in the foundation, a leaking roof, or major plumbing problems, these are all issues of concern. Buyers will take notice of major repairs, as well as other structural problems. If buyers have to deal with substantial repairs, they may feel the price of your property is unreasonable.
Work Done Without Permits
If a previous owner has added/renovated anything inside or outside of the original owner’s purchase of the property, this becomes informal work. If work was performed without permits, those changes may not comply with codes in that jurisdiction and may lower resale value.
Negative Location or Neighborhood Issues
Every home has a location that is fixed by land. However, there are many things within that location that can affect its value. For instance, high crime areas, noise, or neighboring people with properties that are not well-kept.
How to Positively Impact Property Value
The following are some ways that can help you improve your home’s value:
Curb Appeal
A simple change, such as a landscaping makeover, fresh paint, and well-kept walkways, will greatly improve the first impression and, in turn, property value.
Updating Kitchens and Bathrooms
Food preparation is the center of the home, so functional, stylish kitchens should be prioritized. Clean and appropriately upgraded bathrooms are big selling features. Even small updates like cabinet handles and changing faucets can add great value.
Change Structural & Safety Problems
Some conditions, such as roofing, structural, or electrical repairs, need to be discussed. If you are not improving or fixing those issues early, they can exponentially decrease your home’s value.
Do Routine Maintenance
After you complete inspections yearly, you will also have to monitor those issues and extended repairs. If you report issues as they happen and reasonable repairs/maintenance are made, then it is much easier to preserve your property value.
Why Bergen Realty Team Can Help
Bergen Realty Team understands the aspects of your property that can make the biggest impact on its value, and we’ll give the best advice and recommendations on how you can improve them. Once you’re ready for the resale market, we’ll ensure that only the best buyers are considered to give you the biggest return on your investment! Contact our team today to get your home sold in Bergen County!