Fact: when you purchase a property, you’d like it to increase in value so that when you decide to sell, you’ll get more out than what you put in. This is the nature of all business. But this means you need to know what will increase the value of your property and avoid what could possibly decrease its value. And these factors might come as somewhat of a surprise …
When you see pictures of idyllic houses and affluent neighbourhoods, there’s probably a pool somewhere. Indeed, big pools generally indicate big money. But some evidence suggests that potential buyers see pools as a hassle rather than a luxury. Sure, a pool might increase the value of your property, but you should consider how easy the property will be to sell – especially to young families with small children.
Another luxe item is a big, designer bath. These gleaming white jewels are synonymous with a calm, relaxing environment. Yet this can be far from reality: getting a super-sized bath means increasing the size of your geyser, as well as an increase in bills to heat the water. Many potential owners aren’t interested in incurring these additional costs and the feature, while aesthetically and maybe conceptually appealing, often doesn’t fit with reality.
Carpeting, too, is sometimes frowned on despite it being touted as an advantage. Having soft carpets underfoot might sound nice – but carpets can be unhygienic and difficult to clean, often requiring professionals to do intense vacuuming. This is especially troubling for families with children or pets, where mess is unavoidable.
Tick these boxes
Cars are almost always going to be part of a property decision. Garages are useful here and are highly desirable – but, often, people will be buying as a couple. Thus, it helps to have a double garage.
Windows also do a lot for a property: do you have a lot? Do they face the sun and keep the house appropriately cool or warm, depending on the day and season? Windows that are difficult to use or are broken will severely hamper the perception of your property. After all, windows will most likely be the first thing potential buyers see – or see through.
And, of course, security is another essential feature: fences, gates and locks, that all work and are functional definitely invite a higher value and more reason to purchase. Sort out your security – for your own safety, let alone the property’s resale value.
Myth: money in equals money out. Fact: don’t just spend money on your home because something looks or feels nice. Think carefully about how you treat and upgrade your property so that selling it equals a good return on a secure investment.