WHAT AFFECTS MY HOME VALUE IN MISSION VIEJO

WHAT AFFECTS MY HOME VALUE

There are various factors that can affect the value of your property. From your children’s toys scattered all over the floor to the quality of a drinking hole near your house, such petty issues can have a surprising impact on the price of your property. If you are looking to move out to someplace else or willing to sell your existing property, it is important to know and be aware of the facts that can have an effect on the valuation of your property. Let’s find out the factors that devalue your home and how you can avoid it.

1.   Location

Having train stations, public transportation, schools, shopping facilities etc. in your vicinity plays an important factor in finding out the market value of your property. Generally, people look at the community to determine the worth of the property. There are either low-end or high-end areas in a community. If you purchase a house in a high-end area you’ll have to pay more and vice versa for the low end.

2.   Condition

After considering the location of the property, the next thing that buyers ponder over is the condition of your home. Buyers who have some property buying experience, they go for checking the floor coverings, paint, walls, doors, windows, floors, and ceilings. They also pay close attention to the additional work they will have to get done such as bathrooms, kitchen, repairs, plumbing and electricity work.

3.   Features

The age and the size of your property as compared to other properties plays an important role in determining your home value. As old as the home gets, the lesser the value of the property is and as big as the size is, the greater the value is.

4.   Negative Events

If your property has faced issues like catching a fire, mold or was ever a site of a violent crime, there are greater chances that you will face difficulty in selling your property or if you get lucky to find a buyer, you’ll have to sell it at a lesser value.

5.   Outside of your Property

Many people maintain the inside of their properties but neglect the outside of their property. They fail to keep up with the general required maintenance on the outside such as fresh paintwork, neat front garden, clean windows, clean area, effective guttering etc. if you fail to keep up with such maintenance, get ready to wipe up 5% – 10% of your property’s value.

6.   Scary History

Those properties where terrible things have happened are difficult to sell. Terrible events like murder or suicide in your property make it almost impossible to resell the property and even if it does, you’ll have to sell it at a very cheap price. Most people simply cannot even stand the idea of living permanently in the same apartments or buildings where such events took place, let alone the property. Some people are even put off if they get to know that someone has died because of a natural cause, particularly if it’s an unnatural age.

 

7.   Illegal Home Improvements

One must make sure before going for a home modification that whether such home improvements are legal or not. Whatever improvements you are planning on getting done on your property, you need to make sure that they are according to the building regulations and seek planning permission. If your property has illegal home improvements to it, the new buyers will have to factor in the cost of fixing the problem.

8.   Renovations that Suit your Taste only

The problem arises when you put up thousands in making your dream home and you risk finding that other people don’t share your kind of taste. Most buyers avoid paying extra for the renovation you have done and want to put their own stamp on their new home. If buyers like your sense of style then you are good to go, if not, your house can sit on the market for months or maybe years in the worst case scenario.

9.   No Wow Factor

Some houses have in it the intangible factor that automatically attracts the buyer to say “this is the one”. But if there’s nothing that really distinguishes your house and makes it stand out from others then it gets difficult for the buyer to get its attention.

10.                Outdated Renovations

Does your house contain wall to wall carpet? Or does it have the early 90’s and 2000’s trends? Well if that is the case, you are in deep trouble. Renovations that were in trend when you bought your home might cause the buyer to turn up their nose now. In such cases, it is recommended to improve your property rather than giving it a full major makeover and then price accordingly.

 

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