There are a number of factors that come into play to determine a home\u2019s value and when it comes to getting your home ready to sell – beyond just keeping to clean, says Claude McKirby, Co-Principal for Lew Geffen Sotheby\u2019s International Realty.<\/p>\n
\u201cMany of the considerations which detract from a home\u2019s value are fairly obvious, and most people know that issues like poor kerb appeal and water damage will negatively impact a home\u2019s value,\u201d added McKirby.<\/p>\n
\u201cWhen an agent values a home, they take into consideration a number of basics, including the square meterage, the number of bedrooms and bathrooms and the general condition.\u201d<\/p>\n
Over and above these factors, there are other, less obvious features that come into play and which can negatively \u2013 or positively \u2013 affect a property\u2019s value, said the property expert. Including:<\/p>\n
Bold colour schemes<\/strong><\/p>\n The burnt orange lounge and sunshine yellow kitchen might float your boat but it\u2019s very likely to put off many potential homebuyers if they think they are going to have to spend time and money redecorating, said McKirby.<\/p>\n “And if they do love the house, they are likely to lowball you, citing the redecorating costs. Always stick to neutral colours, which will appeal to the majority of people.”<\/p>\n Poorly fitted windows<\/strong><\/p>\n If the windows don\u2019t close easily or properly and if the seals are crumbling or worn, not only does it look bad, it can also let in some nasty drafts and insects, added the property expert. A buyer is sure to want to get them fixed and is likely to reduce his offer.<\/p>\n Too many customisations<\/strong><\/p>\n “We all like to personalise our homes to suit our tastes and needs, but when it comes time to sell, some of these customisations can negatively affect your price or even the ability to sell your home.”<\/p>\n For instance, if you update your kitchen with lower or higher countertops to suit your height, many buyers may ask for a price reduction \u2014 or pass on the house altogether, said McKirby.<\/p>\n Inconsistent upgrades<\/strong><\/p>\n According to Sotheby’s, when updating or renovating your home, it\u2019s important to be consistent; otherwise, you could risk a loss in overall value. For instance, you modernise your open plan kitchen but leave the worn 70\u2019s linoleum flooring in place.<\/p>\n Proximity to shops<\/strong><\/p>\n “You\u2019re probably aware that buyers like to know how close a home is to a good school, but the same is true for grocery stores.”<\/p>\n If your suburb has a good supermarket within a few blocks of your home, it will certainly add to your appeal.<\/p>\n Greenery in the neighbourhood<\/strong><\/p>\n Living on a tree-lined street or very close to a well-maintained park can add to your home\u2019s value, said McKirby. Likewise, if there are no mature trees in your garden or along the street and very little sign of greenery anywhere, it can also negatively affect the value.<\/p>\n Sketchy neighbours<\/strong><\/p>\n “If your neighbours regularly keep their lawn mown and their pavements neat and tidy, it is likely to impact well on your home\u2019s value, whereas if their garden is messy and overgrown and toys are strewn everywhere, it\u2019s likely to have a negative effect.”<\/p>\n Future plans for the area<\/strong><\/p>\n If your property is close to a planned and highly publicised project such as a new major road or housing development, you can expect to see your home\u2019s value decrease because even if it will be an advantage once complete, long-term construction is always a deterrent for numerous reasons, said McKirby.<\/p>\n
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