Location, location – one garage? There are many factors that affect the value of a property, some more obvious than others. From the level of security in your neighbourhood to the state of your garden, issues that may seem insignificant can have a big influence on a buyer’s offer price. For buyers and sellers alike, it’s important to be aware of the things that could have a negative impact on your property’s market value and hinder a future sale.
Too many improvements
It’s of utmost importance to note that houses of a similar size in the same area usually sell for around the same amount. So spending a fortune on renovations doesn’t necessarily mean that the house will sell for more. Some improvements can make the home less attractive to prospective buyers. For instance, adding a pool, particularly in places with cooler climates, could discourage potential buyers who don’t want to deal with the expensive maintenance. Similarly, elaborate landscaping or large fountains can have a negative effect if buyers see it as too much maintenance to deal with.
Outstanding home repairs
Broken plumbing, peeling paint and exposed wiring? Expect nothing less than a less-than-impressive home value for you as the seller. It is in the seller’s own interest to rectify these kinds of issues before the valuation and listing.
Single Garage or No Garage
Garages are no longer used solely for protecting cars. They’ve evolved into essential storage spaces for items like sports equipment, unused items or garden tools. Homes with no garage or uncovered parking space have limited appeal. And those with only a single garage will restrict a seller’s market to one-car families – namely retirees and singles.
Poorly designed spaces like an impractical kitchen with limited food preparation space or a bathroom which doesn’t leave much space between the basin and door upon closing, will ultimately contribute to a lower home value.
Look into solutions that create a sense of space in the home through a good arrangement of furniture or renovations if possible.
The Hoarders Next Door
No matter how immaculate your home and garden is, your untidy neighbour could tamper with its value. Nobody wants to cast eyes on an unsightly construction site or unkempt garden or verge next door.
Closely linked to this, is noisy neighbours. According to Schindlers Attorneys, South African law makes a distinction between ‘Disturbing Noise’ – which is “objective and is defined as a scientifically measurable noise level,” and ‘Noise Nuisance,’ which is “a subjective measure and is defined as any noise that disturbs or impairs or may disturb or impair the convenience or peace of any person.”
Potential buyers are more likely to be exposed to “noise nuisance” as this could include dogs barking incessantly, the use of noisy machinery, or any, similar, blaring sound that goes on throughout the day.
Nuisances beyond someone’s control are even more likely to make them skip a property.
Unfortunate Positioning: T-Intersection or End of Cul-de-Sac
Although cul-de-sacs are typically viewed as safer and quieter, there are some negatives. For instance, headlights passing through your windows throughout the night, can be a major annoyance. The same goes for T-intersections. House hunters will immediately see the possibility of a not-so-quiet living environment.