A number of factors determine the value of a home and its appeal to buyers when it comes up for sale.
“Many of the considerations that affect a home’s value are fairly obvious and most people know that issues such as poor curb appeal and water damage will negatively impact a home’s value” , says Claude McKirby, co-director of Lew Geffen Sotheby’s International Realty in Cape Suburb south of the city.
“And when an agent assesses a home, they consider a number of basic criteria, including square footage, number of bedrooms and bathrooms, and overall condition.”
However, McKirby, says that beyond these factors, there are other less obvious characteristics that come into play that can negatively — or positively — affect a property’s value:
1. Bold Color Schemes
The burnt orange living room and sunny yellow kitchen may float your boat, but many potential buyers are very likely to turn off if they think they’re going to have to spend time and money on redecorating. And if they like the house, they’re likely to put you down, citing redecoration costs. Always stick to neutral colors that will appeal to the majority of people.
2. Ill-fitting windows
If windows don’t close easily or properly, and seals are crumbling or worn, not only does it look bad, but it can also let in drafts and nasty bugs. A buyer is sure to want them repaired and is likely to reduce his offer.
3. Too many customizations
We all like to customize our homes to suit our tastes and needs, but when it comes time to sell, some of those customizations can negatively affect your price or even the ability to sell your home. For example, if you update your kitchen with lower or higher counters depending on your height, many buyers may ask for a price reduction – or give up the house altogether.
4. Inconsistent Upgrades
When updating or renovating your home, it’s important to be consistent, otherwise you risk an overall loss in value. For example, you modernize your open plan kitchen but leave the worn linoleum floor from the 70s in place.
5. Proximity to shops
You probably know that buyers like to know how close a house is to a good school, but so do grocery stores. And if your suburb has a good supermarket a few blocks from your house, that will definitely add to its appeal.
6. Greenery in the neighborhood
Living on a tree-lined street or very close to a well-maintained park can increase the value of your home. Likewise, if there are no mature trees in your garden or along the street and very little greenery anywhere, this can also negatively affect the value.
7. Sketchy Neighbors
If your neighbors regularly keep their lawns mowed and sidewalks clean and tidy, it will likely have a positive impact on the value of your home, whereas if their yard is messy and overgrown and toys are strewn everywhere, it will probably have a negative effect.
8. Future plans for the area
If your property is close to a planned and highly publicized project such as a major new road or a housing estate, you can expect to see the value of your home decrease because while this will be an advantage when completed, long-term construction is always a deterrent. for many reasons.