Some factors directly influence the value of a property and often justify the difference between apparently similar properties. To avoid mistakes, check out the top 5 and keep them in mind when selling or buying your property.⠀
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1. The location influences about 25% of the sale value. The single reason lies in the fact that you cannot change the neighborhood. However, you can make changes to a house that will increase its value.
2. What’s near by? The homes close to restaurants, shops, schools, and with easy access to major highways, tend to sell for more than ones far away from everything. The further away your property is to each of the above things, the more that will have a negative effect on its value. ⠀
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3. Buying a home in a good school district means that you’ll probably have no problem selling it again because the area will still be in high demand in the future, and you can sell it for a higher price. According to multiple surveys, houses located in good school districts enjoy 49% to 77% higher values than houses without a good school nearby.
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4. Age is another factor that plays a major role in determining property value. Usually, the newer the property, the more buyers would be willing to pay for it since it does not require any major renovations or repairs. Besides age, property buyers also consider the Condition of the structure. People would rather buy a 18-year old house that is well maintained than a newer one that needs major renovation. A move-in ready house is what captures the attention of many buyers, especially those buying their first home.⠀
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5. Upgrades, updates & renovations can significantly increase the value of your property, especially older properties that might have outdated features. Kitchen and bathroom renovations are some of the improvements that could have the biggest effect on the home’s value. The curb appeal or outer appearance is another major factor that affects the value of a property. For example, sprucing up your garden could increase your home’s value by up to 20%.
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