When I won a large sum of money when playing the lottery a few years ago, I decided to invest some of it in real estate. My dad used to always tell me that bricks and mortar where a great way of protecting a large sum of money. Unfortunately, my father wasn't a real estate expert so his advice did not go beyond this very simple statement. I didn't know what to do for the best so I contacted a real estate agency. They were really great and they helped me to plan my property investments wisely. I started this blog so I could offer advice to others.
There are numerous preparations that you must make if you are planning on moving to a new house. The most critical element that you should consider during your plans is the sale of your old home. Often, homeowners do not know what to expect during the sales process, especially in relation to the price. Individuals have an inflated idea of their property worth and hope to obtain the best price. The misconceptions can lead to financial problems during the move. Here are some of the common factors which will determine your home resale value.
Condition of the Structure
The price of your home will be affected by the condition and age of the structure. Therefore, you should keep these issues in mind when planning for resale. In general, new houses are more valuable than alternatives because of their excellent condition. As the house ages, its state will deteriorate. As a result, the price will be lower than that of newer ones in the same neighbourhood. If you have an old home with historical features and in excellent condition, you might be able to fetch a high price. If you would like to increase the potential profit from your home, you should perform some maintenance work.
Upgrades Performed
Renovations can increase your home value and increase your profits after resale. However, you should note that not all upgrades will have a positive impact on the price. Moreover, some modifications can even lower the interest from potential buyers. Valuable improvements are those which are popular in the local neighbourhood. For example, a built-in wine fridge might not boost the buying price in typical residential areas. This is a speciality feature which will only draw the attention of specific individuals with the same interests. Therefore, if you were planning on performing upgrades before selling, you should focus on items which are universally valuable for the demographic you wish to target.
Negative Events
Finally, the resale value of a house can be affected by the negative incidents which are associated with the property. For example, homes which have been affected by mould, fire or violent events are difficult to sell. Therefore, you will have to lower the price to attract more buyers. You might be required to disclose all the negative issues attached to your old home, so you should prepare for the possibility of a low resale price.
If you are uncertain about the value of your property or the resale process, you should consult a real estate expert for professional guidance.
Share10 October 2017
