How is your property’s value being affected?
Preparing a home that will soon enter the market is one of the first steps of the selling process. But these preparations, intended to make a property more attractive for prospective buyers, should always be approached carefully and, above all, strategically. These are a few key elements that may affect a property’s ultimate attraction without you even realising it. Reign in the Renovations Extravagant landscapes and renovations may seem like an easy way to increase the value of a property, but in practice, a property of a certain size and class will most often fall into the same price range as other listings of the same size and class, no matter the extravagance. Overly elaborate landscaping may also frighten off potential buyers once the necessary maintenance dawns on them. When it comes to renovations, the best route is to keep it simple and essential. The addition of easy-to-care-for shrubs or flowers will go further in most cases than the most beautiful Italian fountain on the market. Neighbourly Negligence Robert Frost, in his poem Mending Wall, famously said, “Good fences make good neighbours”. When it comes to the value of your property, the fences may not be good enough, though. No matter the lengths you have gone to in creating the most immaculate piece of real estate conceivably possible, the moment a prospective buyer sees the rusted cars resting on bricks next door or the plump rats keeping an eye on things from the gutters of your neighbour’s house, the possibility of a successful sale will undoubtedly be affected. Unless, of course, the potential buyers are looking to renovate a car or take home a pet rat, that is. It may not seem a pleasant endeavour (depending on the pleasantness of the neighbours) but giving your neighbours a helping hand in fixing up their property may prove quite beneficial to the attractiveness of your own property. And finding a solution to Rex’s constant barking in the early morning hours will benefit both your rest and your sale. Likened Listings When your property is simply a drop in the ocean, the chances of buyers finding it are minimal. Especially in times of economic change, the numbers of similar property listings increase, minimising the chances of your property being noticed. But waiting for a time in which your listing can stand out may cost you valuable time and prospective buyers. The answer here is a unique marketing approach — something an innovative agent can easily assist with. With the necessary expertise and understanding of real estate marketing, finding that special something that will put your listing on the map is a piece of cake. Face the Facts This is not an element that can affect your property’s attractiveness — this is advice. Some things simply are what they are. While building a second garage for storage space, cleaning up your community, and launching a petition against the McDonald’s that recently planted its Golden Arches just outside your main bedroom window are all possible ways to increase your property’s attraction (theoretically speaking at least), they are not very viable. Instead of trying to alter the factors that out of your hands, it is essential that you aim your efforts at the factors you can alter. If you still want to sign up for that local community watch programme, though, go for it. Just don’t do it to try and up your selling price. This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)