Last Updated on January 27, 2022 by Jonathan Lopez
You think you are ready to upgrade your property. If yes, then this article is for you as you will learn multiple yet best ways to enhance the property value even in the down market.
What Increases Home Value?
There are so many things that play a key role in increasing property value. After learning these methods, you don’t have to worry even if the market is down.
Now keep in mind that only one factor doesn’t do anything in increasing the value of the home. Similarly, the same thing cannot decrease the value. In simple words, multiple factors play their role in making the house look in a certain way. If you ask the experts, they will tell you that among many factors the location of the property is of prime importance.
If the property is in a location that is not ideal, no matter what you do. You will fail to get the desired results. However, the prime location does half of your work. Other than the interior of the house, mainly the kitchen and bathroom add the most value to the home.
Factors Affect the Value of the Property
If you have read the above discussion properly, surely you will keep in mind one thing that property should be in a location where all the amenities are available as a smart city in Lahore. If you go with a property that has no schools, restaurants, health facilities, or parks around, all your investment will go in vain.
Similarly, if your house is in need of a serious repair like flooring is broken or the ceiling is not attractive, it will decrease the value of the property. Moreover, the age of the building, regulations and other things also affect the value of the property.
Things that Bring Down Property Value
Location and property issues aren’t the only culprits that affect the value of the property. The neighborhood also plays a key role. A small example of it is that the house next to you might be sold at a high price. Now it becomes the tag for the properties around and will benefit all.
Contrary to that, if the property sells at a low price, the property value of your house will get affected too. As the price will go down automatically.
How to Determine the Value of the Property?
The task to find out the property value is not as hard or tricky as many assume. Mainly, the selling rates of the properties around you determine the price of your home. Also, a real estate agent can help you in this matter.
The real estate agents have a lot of experience and knowledge about the market. So, they are able to find the right price for your home by checking the rates of properties around.
Does Renovation Add Value?
Renovation of the house surely helps in increasing the value of the property. Still, it doesn’t mean that you renovate the areas that don’t need any change. You can take suggestions from the professionals before making any decision in this regard. Moreover, don’t forget about your budget. Now it becomes the tag for the properties around and will benefit all.
Expensive changes didn’t make any difference most of the time. You can do well in increasing value by replacing outdated windows or doors of the house. Always pay attention to your garage or driveway, as many ignore this area of the house. Remember, when someone visits the house, they begin the inspection instantly. So, if you failed to impress the buyers in the beginning, it is hard to impress them later.
So, the answer to your answer is that in a down market, there are several things on which you have to focus on. To understand better things, you can hire a home inspector for an inspection.
As they notice everything keeping in mind the buyer’s point of view. So, surely, they will tell you things that will benefit you a lot. Or you can visit a few homes on your own in order to see what’s better in them, you should opt.
However, don’t focus on the interior only, as the exterior is equally important. As it allows you to get the attention of the passerby and even increase the value of the home.
Reduce the Turnover
The one thing that is the most prominent factor in determining the overall performance of a real estate project. whether it is a residential or a commercial property having a tenant turnover is simply the worst thing to ever happen. If a tenant chooses to move out of the property on short notice then it means a loss in the rental income. It also causes an additional cost of marketing, leasing commissions, tenant screening as well as maintenance cost. All this culminates in a decrease in the value of property in the market. That is why all you have to do is make sure that this turnover rate is not only controlled but is reduced to one extent or another.
You can also try to increase the promotional value of the building and make sure you have the trust of the tenant in the market. This is something that is of utmost importance.
Development of a Niche
Those properties which provide additional values to seniors are always in the market. Most of the time people are also looking for ways through which their quality of life can be improved. There has been an ever-growing need for those societies which are catering to the various life needs of people who are the main members of these societies.
Thus it is important for landlords to develop a proper step-by-step guide that will help to market their property to the right audience in the needed context. This trend is something that has been catching on the vibe and is a fast way to move your property up the ladder. This is something that is of utmost importance. From lower casualty to fire insurance rates, these are just some of the perks.