Five Factors that Contribute Significantly to Your Property Value
- Posted by K. Cooper
- 11:04 am
The process of purchasing or selling a condo, townhome or other property can overwhelm even the savviest investors. Many decisions must be considered including financing, renovation, the style of the property, and the type of neighborhood in which to live. In addition to these decisions, you must examine the following factors that may significantly impact the value of your property.
Impeccable landscaping and mature trees contribute significantly to the value of a property. Many builders remove trees before erecting a development. As a result, finding a neighborhood with mature trees is a rarity and increases the value of your townhome. In fact, the presence of certain types of trees can increase the value of your townhome even more.
Low crime neighborhoods with sidewalks also increase the value and appeal of a condo. The walkability factor of a community is essential when purchasing your townhome or condo. Potential buyers want to know that they can send their children outside to play and that they can socialize and exercise in a relatively safe environment. Many times, condos or other developments provide a safe playground inside the community for children. It allows parents to be able to see their kids playing while keeping strangers out.
Security systems add a great deal of value to a condo/townhome because having your home protected is the priority for most families. Indeed, a security system adds value for safety reasons. Ideally, new developments will have automated security systems in each of the units. Automated systems offer superior outcomes because they allow remote monitoring and activation. Additionally, units with security systems are typically eligible for insurance discounts.
Bathrooms and Kitchens
“Bathrooms and Kitchens sell homes,” is an old but true adage. Kitchens and bathrooms should look fresh and inviting to increase the value of your property and to appeal to buyers. Attractive and functional appliances serve an essential purpose in creating value. To appeal to the broadest range of buyers, you should carefully choose flooring, countertops, and cabinetry.
Outdoor Living Space
Depending on where you live, enjoying the fresh air with a beautiful outdoor living space is something many potential buyers want. These living spaces include a commons area, perhaps a pergola-covered patio, or places where you can have picnics. In developments that have this kind of space, the value of their condo or town-home increases. People want an inviting outdoor space for their guests. Having usable square footage on the outside of the property attracts buyers.
Whether you’re a first-time buyer, or seller of a property you’ve lived in for many years, the factors above should be taken into consideration. Putting forth the effort to add value to your home will be financially beneficial in the long run. Regardless of your circumstances, carefully examining these factors will aid you in your decision-making process.