There are several factors that can contribute to your property losing its actual value. In this section we would like to categorize and enlist some of these factors.
There are two key categories we can talk about:
- Changes in property due to usage and/or renovation
- Changes in the close surroundings of property which you do not have much power on Let’s start with the first category:
Changes in property due to usage and/or renovation
What factors do we exactly mean here? Let’s see these one by one
Amortisation due to usage and lack of renovation: if you live in a home and you don’t repaint and renovate it every now and then (let’s say every 5 to 10 years unless there are other changes you would like to implement) then the flat/house will look simply and utterly used as well as all the furniture that’s inside. If you keep using everything on a regular basis, then we can say, that they will look undeniably dirty, heavily used for most visitors. The same goes for the walls, drains, pipes all the doors, windows and we would go on. There are tons of heavily used properties which are currently on sales under-priced because they lack timely renovation and change of furniture. These homes unfortunately also require a visit from a pest control specialist to make sure there are no bed bugs even after sorting the used furniture, carpets and curtains out.
Renovation: there are a few factors which can in fact lose value to your home and you may not even know about it. Let’s enlist a few of these:
- If a home has been renovated but to one very specific flavour: are the walls bright red and the tiles are bright black or silver coloured? This may mean the home got renovated but to such taste which will instantly require another renovation from those who will like to buy it. And you can bet anyone who buys it would do so for a much lesser amount of money.
- Top tip: even if you renovate your home, especially if you want to raise its value before selling, make sure never to use statement colours or tiles but stick with something most people like ( neutral, beige or earth tones) so that it doesn’t instantly require a new renovation
- If walls were broken to make rooms become one larger room or if a room has been changed to another storage facility. The number of rooms (especially bedrooms) is very specific in terms of price creation. So, the lesser is the number of rooms, the lesser is the sum of the property.
- If the home was renovated but apparently without a full technical examination of all the electric cords and cables, which if they are old may easily call for a re-renovation.
We hope you could learn from these pieces of advice and make sure you renovate the smart way before selling your home.