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Factors That Affect Your Home's Resale Value
Are you thinking of selling your house? Maybe your financial situation has changed or you just desire a change in scenery. Investing in a house that’s easy to sell is important because you never know what your future will hold. We talked to several real estate brokers to see which factors can help or hinder a sale:
Location. Location plays a major role in your house’s market value. Is your house near your workplace? Or is it near a noisy train station? Even the quality of the schools near your area are also considered by buyers who have children. Some buyers even consider the area's business district rather than the actual house itself. Make sure that you invest your money in a house located in desireable locations.
House layout and size. A house’s layout and size are things that most buyers consider as well. Buyers want layouts that are both practical and economical because they’re getting more space compared to other houses of the same size.
House’s condition and age. Both antique homes and new homes are priced the same way when compared to houses that are built in-between. Houses with historic value can sometimes be sold at twice the price of a modern home. That is why it is important that you maintain your house's condition to increase its market value.
Renovations. Upgrades or renovations are important if you’re thinking about selling your house in the future. Make sure that any renovations are still considered “common” within the community. Making your house stand out too much can hurt your house’s market value. Also, be sure to hire professionals to complete any renovation jobs. One great tip is to keep a list of all the renovations that you had with the house to show buyers that the house has been well-kept.
Undesirable events. Did something negative happen to your house? A fire perhaps? Or an untimely death? If there was, you might want to think twice about selling your house. Most home buyers, especially the first-timers, are a bit weary of those events happening to or on the property. Federal law also requires all sellers and real estate brokers to disclose any natural disaster, crime, or accident that happened on the property.