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5 factors that may decrease your home value

Posted by Article Author on March 4, 2017
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While trying to sell your house you need to be sure of the things that could affect your pricing. Since pricing is the first thing you would do, it should also be done systematically. For that, you would be required not only to analyze your property but also the surroundings and the market that you are stepping into. Here are a few things that could potentially bring your price down.

factors may decrease home value

  • Locality – The location of the house you’re selling is very important. Obviously, that’s the first thing every buyer looks at. It’s the surroundings and the neighborhood, while some people might want a residential area only, others might want the opposite.
  • Connectivity – When we say connectivity it’s mainly to do with transportation and the other facilities. Transportation is always an issue for working individuals. Thus what most buyers look for is the accessibility from your home to other places. It’s also important to have basic facilities such as hospitals, railways stations, and police stations in and around.
  • Pending cases – Most of the houses that are up for sale these days, come with a lot of legal tension. Either it’s a property issue or something else; it can be a sticky situation and also a potential threat. This will definitely bring down the value of your house. Firstly because it might cause problems for the party settling in, and if they still agree to the terms and conditions it’s obvious that they would demand a discount for putting up with your case.
  • Features – Most of the independent houses, if you’ve noticed, is sold at a much higher price than other spaces. It’s mainly because an independent house come hassle free with just one inhabitant and that’ll be you.  But when we talk about a condo, you would be sharing the building with more than one person which is not something everyone would ideally go for.
  • Market condition – The condition of the market is also an important thing to keep in mind. For example due to the recent demonetization, real estate business has been going on at a slow pace. But it’s also a good time to invest if in case you want to buy property. But again this also means real estate agents are going to up the prices as the business is going slow.
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