Whether you are thinking of buying a house or selling yours, there's a question that must have appeared in your mind- What's the worth of the property? One of the biggest challenges of determining your home's value is that it depends on several factors. From the location of the house, the current supply and demand of properties to facilities around the house, there are plenty of factors that can increase or decrease the property's value.
We've listed down some of the most important factors that decide the resale value of your house-
The most critical factor that determines the cost of a property is its location. While buying a home the first thing that comes in the mind of a buyer is the proximity of vital structures like a hospital, railway station, airport, city center, restaurant, and market from the house. People commonly want to live close to where they work so that they can cut down on the travelling bit. If an area has all the amenities and essential structures nearby, then the properties available in the area must be a bit expensive. Two homes streets apart can have a substantial difference in their value if they are located in different postal codes.
The current economic condition of a country also impacts the property market. If the economy is stable and is experiencing strong growth, then it is believed that people can afford the property, which increases the price of the house.
Property market performance
Apart from the overall economic condition of a nation, the performance of the real estate market in the local area also affects the resale value of your house. On the other hand, if the demand for homes in the neighbourhood is low, expect the resale values to fall.
Size and facilities
The overall size and the features installed in the property also affects its resale value. A three-bedroom house is likely to fetch higher resale value than a one-bedroom home. Other amenities like balconies, garages, swimming pool, and the park can also have an impact on the property's resale value. Apart from all this, the structure and functionality of a house's layout are also important.
You should never underestimate the street appeal of a property. The structural outlook of the building you live in also plays a role in deciding the resale value of your house. The first impression is crucial in real estate deals.
You have to build a beautiful home that makes you feel cozy and happy. However, this cannot be the same for the buyers who come to visit your property. They might have a motive of renovating the space to add their personal touch. If your home allows a buyer to improve and personalize it, the resale value of that house automatically increases.
If your house is made of the most excellent quality raw materials, then it is likely to attract a higher resale value. Also, if the condition of the structure is sturdy and up to date, then there's no chance that you'll have to compromise on the resale value of your property.
Selling a home is a long process and can take a lot of time. Be patient, and you will land up with a good deal. Meanwhile, remember that insuring your home with a home insurance policy is ideal. A home insurance policy covers your home against several unforeseen circumstances.
Stay Protected, Stay Happy!