A variety of factors can influence the selling price of your home. So before you put your house on the market, it’s critical to consider essential elements to get a high resale value, which can significantly affect how quickly your house sells. According to real estate experts, overpriced homes may take months (or even years) to sell. In contrast, those priced in line with current market trends receive an offer within a month.
Avenue5 International, Pakistan’s most innovative property portal, provides an overview of the key factors influencing your property’s resale value.
Location of the Property
Whether the property is commercial or residential, its location is the most influential factor influencing its value. If your property is in a desirable location, the value of your property will rise. A good location frequently implies a quiet neighborhood, excellent infrastructure, improved facilities, and proximity to nearby landmarks. All of these factors can increase or decrease the value of a property.
Safe Neighbourhood
The neighborhood’s safety is another factor that influences the value of a property. Nobody would want to rent, let alone buy, a home in an unsafe area. Some distinguishing characteristics of a dangerous neighborhood include:
- The property is surrounded by a barbed wire fence.
- Extraordinary security
- Criminal involvement
- Vandalism
- Public property damage
The Property’s Floor Plan
If the property’s floor plan appeals to many buyers, the property’s value will rise as a result. As a result, keep the following factors in mind when creating a floor plan. In addition, some characteristics of an excellent residential and commercial property are listed below.
- One-story homes have the highest resale value because there are no steps. One-story homes are better suited to elderly buyers and those with physical limitations.
- For families with young children, having all bedrooms on the same floor is usually more convenient. As a result, properties with a primary bedroom on a different floor may need help to sell in some markets.
- Three-bedroom houses outnumber two-bedroom houses.
- The majority of buyers will be drawn to an open floor plan with a well-planned and efficient flow.
A residential property’s floor plan
A family-friendly floor plan should include the following elements:
- The number of bedrooms that meet your needs
- Bathrooms with suitable plumbing
- Dining room and kitchen
- A property dealing company can estimate how much it would cost to build more bedrooms if your home is priced in the right niche but lacks good bedrooms.
A commercial property’s floor plan
If you are looking for a commercial property, you should look at the floor plan and consider the following features:
- Optimal use of space
- Easy access navigate
- Maximum use of natural light
- Conference rooms
- Lobby
- Cafeteria
Curb Appeal
When looking for a suitable property, you should always consider curb appeal potential to consider how much it can be improved without spending a lot of money. Homes with strong curb appeal can expect a moderate increase in resale value. Fortunately, even if your home’s curb appeal is lacking, you can use these tips to improve it.
On the other hand, if it would be costly to improve the exterior of a house, you should reconsider purchasing it. When buying a home, getting one that is well-maintained and in good condition is far more convenient, as this saves the additional cost of renovating it.
Amenities
The price of a property is also affected by the amenities available in the surrounding area. Families looking for a home should look for one close to reputable schools, well-stocked markets, and parks. The closer a house is to these amenities, the higher its value.
Similarly, a company looking for commercial property will prefer a location that is easily accessible and has plenty of parking, power backup, and restaurants nearby.
Other Elements Influencing Resale Value
Aside from the ones mentioned above, some other essential factors to consider are:
Tap water
Pakistan is currently experiencing a water crisis, with numerous housing schemes running out of water. A potential property’s lack of access to water can be a deal breaker. On the other hand, access to a reliable water source can increase the property’s value.
Plot at the Corner
Corner plots provide more light, better ventilation, and more space. In addition, they typically have more freedom because adjoining roads run across the front of the property, allowing for more parking.
Storage Area
Automobiles, sports equipment, cookware, clothing, and yard and garden equipment are all necessary items in any household. Buyers prefer homes with large garages, plenty of built-in internal storage, and attics large enough to hold all of their belongings. A property’s value can increase if it has adequate storage space.
Upgrades
Minor improvements can have a significant impact on a home’s value. For example, a house with laminated wooden floors or different types of flooring tiles, as well as excellent lighting, will be in higher demand than other properties. These are regarded as the best value for money and thus attract more buyers. As a result of more buyers, the value of your home will rise.
In a Nutshell
Whether you are a homeowner looking to sell your home or a real estate investor looking to buy a house to profit in the future, these signs can help you make a good decision.
Finally, successful real estate investors prioritize the property’s potential for land appreciation over the stylistic features of potential home purchases. This entails ignoring the most appealing dwellings in a given area and focusing on those that have the potential to be improved, potentially increasing the land’s value.
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