6 Things That Could Affect the Value of Your Property (Both Positively and Negatively)

You know, most people in this country know more about real estate than they probably think… For instances, you surely know the number of both bedrooms and bathrooms in your house, the square footage of every single of them, so on and so forth…

Just by knowing these facts, you can easily determine the value of your property without spending money on a real estate professional. According to Time Money, real estate agents, more often than not, charge a 6% commission on the sale price.

Therefore, selling your home without real estate agent’s help will definitely save you more than a few bucks in the process.  But the factors we mentioned above aren’t really everything you need to know in order to calculate the price right after all…

Basically, if you want to sell your home yourself, you need to know about some other, simply put, less obvious features that can negatively and positively affect your property’s value. So in order to help you get started, here are a couple of over overlooked things that can impact the value of your home…

Things that Could Affect Your Value Negatively

·         Your Neighbors

It’s always important that your neighbors have similar daily habits, personalities and even personal tastes similar to yours if you want to get along nicely. The same goes for your potential buyers. For instance, if you live in a condo, the last thing buyers want is to get a new home where the neighbors above or below are inconsiderate and make noise all the time…

In fact, a particularly bad neighbor, according to a recent study from the Appraisal Institute could potentially reduce the value of your home up to 10%. And if the house next to yours has an awful outdoor appearance and/or an eye-catchingly bad front yard, it can actually take the focus from your home and scare the potential buyer away…

·         Street’s Name

This is the first surprising factor on our list – but don’t worry, it definitely isn’t the last – now, recent studies have shown that most people in the United States prefer to live on a street that has a name and not a number. This is true across the nation, but there are some exception though. For example, in Atlanta and New York there is no difference…

But that’s not all… The name of your street can also affect the price of your property in a different way. According to a recent study conducted by the online residential real estate site, Trulia, address suffix “boulevard” is the most expensive per square feet in the United States, while suffix “street” is by far the least expensive in the country…

·         House Number

Now we come to the second abstract factor on our list – the number of your house. Now, before we go any further, we need to talk about the concept of “home numerology” a little bit… Essentially, it’s a practice of appointing a single digit number to your house based on your address. So if you live on 2418 Oak Street, you take the numbers, add them up – 2 + 4 + 1 + 8 = 17 – then you add up the two numbers, – 1 + 7 – and your house would get an 8, which is quite a good score.

Some people pass this as superstition, however, you’d be surprised just how many people still subscribe to this “theory” and if your potential buyer is one of them, he may overlook your house, because of the numbers. But even without home numerology, if your home address is 13, you might need to think about lower the price of your house a little…

Things that Could Affect Your Value Positively

·         Matured Trees

People still love nature – so naturally, they want to have trees in their back or front yard. However, in most cases, developers cut down a vast majority – if not all – trees on the property in order to build the house properly. So if you don’t have any trees in your yard, but still want to raise the value of your property, it would be wise to start planting as soon as possible, because trees take long to grow…

Now, if there’s a chance you don’t believe this, you can always go on the National Tree Benefit Calculator website, and check out some of the benefits of planting different types of trees on your property. So if you have plenty of space in your yard, you should definitely make a trip to the local nursery and see what the best option for your property is…

·         High-Tech Features

When it comes to high end homes, people expect media rooms, automated houses and different AV trickery. But what about if your house is more modest? Should you spend some money adding high tech features? Well, according to Laura Gallagher, a Remax real estate agent, it will help you differentiate your home from the competition and add some value…

If you live in a neighborhood where it’s not easy to differentiate one house from the rest, the one with a home theater will definitely stick out. You just need to invest little money in good screen and an effective surround-sound system, and you can easily create the perfect home theater without spending a ton of money in the process.

·         Crown Moldings

You already know that the color is pretty important for home buyers and it can affect your price both positively and negatively. For example, a yellow kitchen can decrease the value of your home by $820 according to Zillow research. But while you’re looking for the right color scheme, you’ll do yourself a big disservice if you forget about crown moldings.

People love high ceilings but if you have a low one, there’s not much you can do about it, however, you can always put in crown moldings, and no matter how low your celling is. You just need to pay attention to one thing – making sure that the moldings work with the scale of the room you’re putting them in and that they don’t veer too much into the trend zone

Final Thoughts

Lastly, while you probably want to do as much as you can yourself, you have to be aware that you’re still going to need some help. While hiring a real estate agent will surely cost you a couple of thousands of dollars, you can hire an appraiser to help you value your house for $500, according to Time Money.

Furthermore, you should probably hire a layer to help you with the contract or at least review the contract once you’re done with it. Some states, after all, require you to hire a lawyer for this process, so make sure to check the laws in your home state.

And if you’re not so confident about your abilities and you’re thinking about a real estate agent, you should at least try going it on your own for a couple of months. Maybe your house will get enough attention and offers to encourage you to proceed and finish the deal with little to no help…

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