Factors that will influence your property value!
Whether you want to sell your property or you’re just researching the topic for future plans, you need to be aware of the factors that determine your property value! Find out what raises and what lowers it, to know if you can do something to increase your resale price!
This goes without saying – the factors that influence the property value are the pure combination of supply and demand; they are both logical factors linked to the economic and population growth, but as well hypothetical ones based on predictions and expectations!
So, let’s talk about 5 proven factors that will likely influence your property value!
Factors to consider when pricing your home!
- Market fluctuations
The amount of money you pay when buying a house compared to what you get when reselling the same property may not coincide. In other words, you either can get more, less or the same amount of money (lower probabilities). It is all linked to how the market evolves in time! This will certainly affect your property value!
- Other properties on the market
Other similar properties on the market definitely influence your own property value. How come? Well, usually when there are similar properties on the market, the house with the lowest price will sell faster. So, if you need money fast or you just want to close the deal faster, you may think at lowering your asking price.
However, there is always the other side of the coin too – that is to say Supply and Demand. If the demand is high and the supply is low, then the prices will go up, and also, on the contrary, when the supply is high and the demand is low, then the prices will go down. This can hardly be predicted in an exact manner!
- Further investment
It shall be clear that if future investments are a must, then this is one of those essential factors that will influence your asking price. The more required investments, the lower your price will be.
- Unusual features
Depending on the market you’re in and on the buyers interested in your property, unusual features may be both an advantage but as well a disadvantage. They can both add value, but as well devalue the house. The common advice you’ll get – make it look ordinary, but without taking too much of its unique personality.
- Location, location, location
The location of the house will always impact your property value, regardless of the angle you see the matter from. Otherwise said, the same house can get a higher price if located in another neighborhood or area.
Look beyond style when setting the property value!
In recent years, establishing the exact factors that influence one’s property value has become at least, let’s say a debatable issue, as more and more sellers are interested to boost their resale profit. So, irrespective of what reasons stand behind your interest, the above-mentioned factors should be attentively studied too!
‘Real estate is hard to predict, you’ll never know what happens tomorrow!’ – Common saying
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