Factors that affect home resale value
Factors that affect home resale value. If you are buying a house more from the investment viewpoint than from the perspective of making it a home, there are a number of factors you need to keep in mind to ensure that when it is time to liquidate your investment, you do not feel short changed:
Location, location, location– There is no factor as critical as this one. The locality in which the house is located, proximity to amenities in the neighborhood, the kind of community the locality is known for, are some of the factors that have a very strong co-relation with the price of the house. Proximity to good schools, hospitals etc are an added factor that positively impact the selling price. In fact, this is one factor that starts to play in the minds of prospective buyers even before they have physically seen the property.
Connectivity- This is another strong factor that affects the price. Great connectivity in terms of proximity to the railway station or airport impact the price. In addition, in cities connected by the Metro, proximity to a metro station, for example, also impacts price. In short, the more well connected the house, the greater chances of it fetching higher returns.
Size– Size is another obvious determinant of price. While the larger the size the more the price hold true by mathematical standards, too small or too big houses do not have a large market for themselves. Besides the size the layout also has a strong role to play. A great design and an attractive layout positively impact the price of the house.
Ageing– The newer the house, the better price it typically commands. Typically age of the house and its physical condition are deemed to be inversely proportional. Newer built properties are in better shape & hence command a better premium
Upgrades– Homes with new upgrades and modern features once again command a higher premium. Jacuzzis, chimneys, modern security systems all positively affect price.
Reputation of the neighborhood– Reputation of the neighborhood including the kind of people that stay there, the crime rate of the locality etc are additional factors that lend a property its price.
Apart from these factors, when doing up the house, it is important to focus on the following aspects to improve resale:
Landscaping- This aspect can lend an aesthetic appeal to the house and result in a positive impression even before the buyer enters the house. Great landscaping gives the house an appeal that endears it to prospective buyers while automatically improving its market value.
Kitchen- This very often is the focal point of the house. Having a large, often open kitchen adds to the impression of the house. Modular kitchens with chimneys and other updated infrastructure add to the appeal of the house & instantly render it unique.
Windows– Large windows not only add to the aesthetic appeal of the house, they make the house per se look bigger & more spacious.
Pay attention to these factors & you ensure that when its time to sell your house, you get more than what you bargained for.
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