4 Factors That Harm a Property’s Value
Properties and lands are assets that should be taken care of and maintained. However, there are things that property owners are doing or neglecting that can negatively affect their property’s value. If not remedied, it can lead to depreciation and low chance of getting it off the property listings or selling it to other individuals or entities.
Whether you own a studio in Business Bay or a mansion in the suburbs, getting to know the factors that might be depreciating the value of your property would prevent turning your asset into a liability. Here are some factors that you need to know:
- Lack of parking space
In this day and age, every citizen and resident need a car to be able to run errands and roam around the vicinity. And with that, they would also be needing a space to store and park their car. Most homes or properties that don’t have parking space to offer to prospective buyers get less attention from house hunters or get much lesser value in terms of pricing. A parking space can make or break the deal, so be sure to include one when putting your property on the listing.
- Poor property maintenance
An average property buyer takes only a few minutes to decide whether they are getting the property or not, and part of that speedy analysis is the general look of the property. In fact, this is the first thing that prospective buyer check. If the property is poorly maintained, it will be frowned upon by potential buyers, or worse will be ignored or taken off their potential options. When you plan on putting your 1 bedroom for sale in Dubai, plan the renovation as well and clean the property thoroughly.
- Unusual home renovation
If poor maintenance or lack of renovation is being frowned upon, so is unusual interiors. Some homeowners think that giving their homes and properties some flashy interior would make it appealing to potential buyer, but sometimes that opposite happens. Remember that prospective buyers would probably some renovation on their own when they take the property. Making the interior design simple and clean would allow them to do just that.
- Pet marks
There are potential buyers who are quite meticulous when it comes to cleanliness of the property. They inspect each corner and scrutinize every mark, especially pet marks. This can potentially affect the value of the property as the house hunters will believe this as neglect on your part as property owners. Be sure to remove the pet marks when you do general cleaning.