Many landlords are on the hunt for wise ways to raise the value of their property without breaking the bank. There are numerous factors that affect my home value in a positive way. But on the contrary, there is also a bundle of factors that deter buyers and decrease my home value.

3 FACTORS THAT ADD HOME VALUE

A good understanding of the driving factors to determine the home value will assist me to prepare to buy or sell a house. These are the features to look out for…

Upkeep and maintenance

Talking of maintenance, a prime factor affecting the appraisal of a home’s value. This is especially vital when I do intend to sell out my home. The evaluation will be done on my entire home. It justifies the requirement for proper upkeep and maintenance over time. No stone—or shall I say flooring tile—is left unturned during the home appraisal.

Investing in the long-term upkeep of my house is a wise decision that will play a leading role in getting the best value down the road.

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Home Upgrades and renovations

I’ve to be mindful when considering home upgrades and renovations because it’s too often that homebuyers begin a home renovation project thinking it will raise the property value when instead the renovation might end up causing a decrease in the property’s value.

For instance, if I remove walls so the total number of rooms may negatively affect the price of the home depending on the total square footage. That’s something not all homeowners focus on when trying to create a space “open-concept.” Similarly, over-improving may elevate my property demand beyond that of my neighborhood, which could potentially make selling my home more daunting for me.

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Location

Location is the key factor for property price shifts. We’re all familiar with the phrase “location, location, location” when talking about real estate. There’s an actual reason for that. A home’s location plays a major role in creating the demand of the home. Let’s embrace it, I’m likely not just only looking for a new home, but I’m probably also looking for a neighborhood that best suits my needs.

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Which factors do you think can decrease your home value?

These are some key factors that affect home value in the real estate market of any city across the globe. If I’m going to do real estate investment on an international level, exploring and knowing these driving factors of my specific city will enable me to choose the best place to make a wise real estate investment.