7 Factors That Will Affect the Value of a Property
1. Location and Accessibility: Location is typically accepted as a key factor when it comes to a property's value. A similar property in a different area will generally command a different price simply because of its location.
2. Supply and Demand: If there is an increase in demand and the supply is fixed, prices will rise due to buying pressure.
3. Property Style, Type and Age: Different types of homes such as semi-detached, terraced, detached, etc. command different prices. Different architectural styles and the age of the property will also affect its value.
4. Condition: Potential buyers will take into consideration the condition of the home. A house that is in immaculate condition is going to sell for a higher price than a property that is in poor condition. An experienced buyer is going to pay attention to things that the less experienced buyer won’t. This includes repairs required such as electrical work, plumbing, windows, doors, floors and ceilings.
5. Home Improvements: Renovating a home by improving the kitchen or the bathroom or adding an additional room or a swimming pool will add value to the home. However, the amount is dependent upon whether or not these improvements are important to buyers.
6. Seller Motivation: One of the major factors that affects the price a property sells for is seller motivation. If they are eager to get rid of the property it is more than likely that they will sell it for a lower price than a seller who isn’t in a rush to sell.
7. Marketing Plan: In order to sell your house, your real estate agent is going to have to implement an effective marketing plan. Without a good strategy it is very likely that your house won’t sell for what it’s worth. Your agent’s ability to negotiate and their overall skill level will play a part in the amount of money that you will be able to command for your home.