Unless you’re a real estate investor, it’s unlikely that you’ll want to sell your home, especially if it’s your dream home.
However, there are a number of reasons that may force you to put it up for sale. For instance, you could be relocating for job reasons or even looking to settle an urgent financial emergency.
Regardless of your reason, one thing remains constant: the need to sell your home at a profit. To achieve this goal, you must have a good understanding of the various things that can affect its resale value.
In this article, we’re telling you how a property valuation report will help you catch those factors. Read on.
Location
Did you know a bad location can wipe off as much as 50 percent off your property’s value?
How so? You ask.
Let’s say when you purchased the property, the location was fairly decent and showing signs of development. However, things did not go to plan. Instead of developing, the location has now become a hotbed of insecurity or the roads have since deteriorated.
If your location has become worse off than it was when you bought the house, not many people will be looking forward to living there. Consequently, there will be fewer interested buyers, and to sell, you will need to keep lowering the asking price.
Unfortunate Events
It’s a dream for most people to own a beachfront house. You’ll certainly pay top dollar for it.
While this looks to be a solid investment during the time of purchase, you’re also making a risky move, especially if the area is susceptible to stormy weather. If it’s hit by a storm and sustains damage, it will no longer be a hot property when you decide to sell. People typically don’t want to buy property with a troubled structural history.
Even if you make repairs, the damage will be reported on a property valuation report, and you’re legally required to disclose any repairs a house has undergone anyway.
Other events that can affect resale value include fires, termites infestation and if the home has been the scene of a violent crime.
Property Upgrades
The two points above have largely touched on factors beyond your control that can lower the resale value.
The good news is there are steps you can take to increase the value of a property. Top of the list is property upgrades.
Property upgrades, ranging from minor activities like repainting the house to major improvements like installing a custom swimming pool, can add thousands of dollars to the value.
That said, you should be smart about the upgrades you make when looking to sell. It’s actually possible to spend too much on upgrades than you can recoup after selling!
Painting, fixing the kitchen and making improvements to the bathrooms are some of the most recommended upgrades to make when you’re looking to sell quickly.
Get a Property Valuation Report and Know the Real Value of Your Property
Putting up your property for sale without knowing it’s true value is one of the biggest financial mistakes you can make. You could end up selling for way less than the market was willing to pay.
Do the right thing and get the report. Thereafter, get in touch with us and we will make you a cash offer!