Homeowners often search for smart ways to increase the value of their houses without breaking the bank. From maintaining gardens to adding energy-efficient appliances, various factors can add value to your property.
On the flip side, there are a few factors that can decrease the value of your house. Damaged moldings or water leaks in the basement can be major turn-offs for potential buyers. This guide will tell you about some of the factors that positively or negatively impact your home's selling price.
Homes near reputable schools are more likely to fetch higher prices than houses on the outskirts. Parents don't want to go searching for schools after shifting to a new house. They may agree to meet your asking price if your home is near a top-rated school in the city instead of an Ofsted Grade 3 school.
2. Names and numbers
The property name or the name of the road where your house is located can increase the property's value by as much as 73%. Houses with addresses ending with "terraces," "courts," or "streets" tend to have a lower price compared to houses on the "Warrens." Similarly, homes with names "Princess," "Queen," or "King" fetch more money. You can get in touch with the Royal Mail to know which names you can use.
3. Energy efficiency
Energy-efficient houses will have higher price tags than homes with little regard for energy efficiency. Potential buyers would know that they will eventually save a lot on electricity bills in the years to come. They may not hesitate to pay slightly more upfront for an energy-efficient house.
1. Unpleasant history
Does your house have an unpleasant history like murder or haunting episodes? If yes, a potential buyer may not want to meet your asking price. No matter how beautiful the house looks, a tainted history can put off potential buyers and decrease the property's value by up to 17%.
2. Air and noise pollution
Potential homeowners who want to move in with their families would want to live in a house that is far from air and noise pollution. Those with children may not want to invest in a property that puts their children at risk of experiencing breathing troubles due to air pollutants. Houses in such locations would cost considerably less compared to Lake County real estate, for example, where properties are surrounded by greenery and far from the air and noise pollution in many cities.
3. Structural or water damage
Poor plumbing system, water leaks, or cracks in the foundation of the house can significantly decrease your property's value. Make sure you check these areas thoroughly so that potential buyers don't have to deal with them for themselves. Moreover, poor maintenance of your house can also put off buyers. Try to get rid of the dirt or bad odor from your house before putting it up for sale.
Now that you know the factors that positively and negatively influence the selling price of your house, take the necessary steps to ensure that potential buyers cannot help but meet your asking price.